Correlation Between Thayer Ventures and Augmedix
Can any of the company-specific risk be diversified away by investing in both Thayer Ventures and Augmedix 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 Thayer Ventures and Augmedix into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Thayer Ventures Acquisition and Augmedix, you can compare the effects of market volatilities on Thayer Ventures and Augmedix 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 Thayer Ventures with a short position of Augmedix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thayer Ventures and Augmedix.
Diversification Opportunities for Thayer Ventures and Augmedix
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Thayer and Augmedix is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Thayer Ventures Acquisition and Augmedix in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Augmedix and Thayer Ventures 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 Thayer Ventures Acquisition are associated (or correlated) with Augmedix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Augmedix has no effect on the direction of Thayer Ventures i.e., Thayer Ventures and Augmedix go up and down completely randomly.
Pair Corralation between Thayer Ventures and Augmedix
If you would invest 1.30 in Thayer Ventures Acquisition on September 1, 2024 and sell it today you would earn a total of 0.15 from holding Thayer Ventures Acquisition or generate 11.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Thayer Ventures Acquisition vs. Augmedix
Performance |
| Timeline |
| Thayer Ventures Acqu |
| Augmedix |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
Thayer Ventures and Augmedix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thayer Ventures and Augmedix
The main advantage of trading using opposite Thayer Ventures and Augmedix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thayer Ventures position performs unexpectedly, Augmedix 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 Augmedix will offset losses from the drop in Augmedix's long position.| Thayer Ventures vs. Inspirato | Thayer Ventures vs. Anghami De | Thayer Ventures vs. Cepton Inc | Thayer Ventures vs. Cepton Inc |
| Augmedix vs. In8bio Inc | Augmedix vs. Dermata Therapeutics | Augmedix vs. Elevation Oncology | Augmedix vs. Aclarion |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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