Correlation Between Intel and ZeroFox Holdings
Can any of the company-specific risk be diversified away by investing in both Intel and ZeroFox Holdings 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 Intel and ZeroFox Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intel and ZeroFox Holdings, you can compare the effects of market volatilities on Intel and ZeroFox Holdings 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 Intel with a short position of ZeroFox Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and ZeroFox Holdings.
Diversification Opportunities for Intel and ZeroFox Holdings
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Intel and ZeroFox is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Intel and ZeroFox Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ZeroFox Holdings and Intel 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 Intel are associated (or correlated) with ZeroFox Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ZeroFox Holdings has no effect on the direction of Intel i.e., Intel and ZeroFox Holdings go up and down completely randomly.
Pair Corralation between Intel and ZeroFox Holdings
If you would invest 1,938 in Intel on December 5, 2024 and sell it today you would earn a total of 102.50 from holding Intel or generate 5.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Intel vs. ZeroFox Holdings
Performance |
| Timeline |
| Intel |
| ZeroFox Holdings |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Intel and ZeroFox Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and ZeroFox Holdings
The main advantage of trading using opposite Intel and ZeroFox Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, ZeroFox Holdings 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 ZeroFox Holdings will offset losses from the drop in ZeroFox Holdings' long position.| Intel vs. ASE Industrial Holding | ||
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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 Global Correlations module to find global opportunities by holding instruments from different markets.
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