Correlation Between Idex Biometrics and CXApp
Can any of the company-specific risk be diversified away by investing in both Idex Biometrics and CXApp at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Idex Biometrics and CXApp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Idex Biometrics ASA and CXApp Inc, you can compare the effects of market volatilities on Idex Biometrics and CXApp and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Idex Biometrics with a short position of CXApp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Idex Biometrics and CXApp.
Diversification Opportunities for Idex Biometrics and CXApp
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Idex and CXApp is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Idex Biometrics ASA and CXApp Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CXApp Inc and Idex Biometrics is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Idex Biometrics ASA are associated (or correlated) with CXApp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CXApp Inc has no effect on the direction of Idex Biometrics i.e., Idex Biometrics and CXApp go up and down completely randomly.
Pair Corralation between Idex Biometrics and CXApp
If you would invest 140.00 in CXApp Inc on August 25, 2024 and sell it today you would earn a total of 1.00 from holding CXApp Inc or generate 0.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 4.55% |
| Values | Daily Returns |
Idex Biometrics ASA vs. CXApp Inc
Performance |
| Timeline |
| Idex Biometrics ASA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| CXApp Inc |
Idex Biometrics and CXApp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Idex Biometrics and CXApp
The main advantage of trading using opposite Idex Biometrics and CXApp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Idex Biometrics position performs unexpectedly, CXApp can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in CXApp will offset losses from the drop in CXApp's long position.| Idex Biometrics vs. Bubblr Inc | Idex Biometrics vs. WonderFi Technologies | Idex Biometrics vs. Oblong Inc | Idex Biometrics vs. Where Food Comes |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |