Correlation Between Inpixon and Presto Automation
Can any of the company-specific risk be diversified away by investing in both Inpixon and Presto Automation 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 Inpixon and Presto Automation into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Inpixon and Presto Automation, you can compare the effects of market volatilities on Inpixon and Presto Automation 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 Inpixon with a short position of Presto Automation. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inpixon and Presto Automation.
Diversification Opportunities for Inpixon and Presto Automation
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Inpixon and Presto is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Inpixon and Presto Automation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Presto Automation and Inpixon 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 Inpixon are associated (or correlated) with Presto Automation. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Presto Automation has no effect on the direction of Inpixon i.e., Inpixon and Presto Automation go up and down completely randomly.
Pair Corralation between Inpixon and Presto Automation
If you would invest 15.00 in Inpixon on August 24, 2024 and sell it today you would earn a total of 0.00 from holding Inpixon or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 0.56% |
| Values | Daily Returns |
Inpixon vs. Presto Automation
Performance |
| Timeline |
| Inpixon |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Presto Automation |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Inpixon and Presto Automation Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inpixon and Presto Automation
The main advantage of trading using opposite Inpixon and Presto Automation positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inpixon position performs unexpectedly, Presto Automation 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 Presto Automation will offset losses from the drop in Presto Automation's long position.| Inpixon vs. Trust Stamp | Inpixon vs. HeartCore Enterprises | Inpixon vs. SoundHound AI | Inpixon vs. Infobird Co |
| Presto Automation vs. CXApp Inc | Presto Automation vs. Bullfrog AI Holdings, | Presto Automation vs. Guardforce AI Co | Presto Automation vs. Dermata Therapeutics |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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