Correlation Between AcuityAds Holdings and Integral
Can any of the company-specific risk be diversified away by investing in both AcuityAds Holdings and Integral 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 AcuityAds Holdings and Integral into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AcuityAds Holdings and Integral Ad Science, you can compare the effects of market volatilities on AcuityAds Holdings and Integral 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 AcuityAds Holdings with a short position of Integral. Check out your portfolio center. Please also check ongoing floating volatility patterns of AcuityAds Holdings and Integral.
Diversification Opportunities for AcuityAds Holdings and Integral
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between AcuityAds and Integral is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding AcuityAds Holdings and Integral Ad Science in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Integral Ad Science and AcuityAds Holdings 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 AcuityAds Holdings are associated (or correlated) with Integral. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Integral Ad Science has no effect on the direction of AcuityAds Holdings i.e., AcuityAds Holdings and Integral go up and down completely randomly.
Pair Corralation between AcuityAds Holdings and Integral
If you would invest 178.00 in AcuityAds Holdings on August 24, 2024 and sell it today you would earn a total of 0.00 from holding AcuityAds Holdings or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.4% |
| Values | Daily Returns |
AcuityAds Holdings vs. Integral Ad Science
Performance |
| Timeline |
| AcuityAds Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Integral Ad Science |
AcuityAds Holdings and Integral Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AcuityAds Holdings and Integral
The main advantage of trading using opposite AcuityAds Holdings and Integral positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AcuityAds Holdings position performs unexpectedly, Integral 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 Integral will offset losses from the drop in Integral's long position.| AcuityAds Holdings vs. Eastman Chemical | AcuityAds Holdings vs. Albemarle | AcuityAds Holdings vs. Fernhill Beverage | AcuityAds Holdings vs. Axalta Coating Systems |
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 Stocks Directory module to find actively traded stocks across global markets.
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