Correlation Between Aurora Mobile and CXApp
Can any of the company-specific risk be diversified away by investing in both Aurora Mobile 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 Aurora Mobile and CXApp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aurora Mobile and CXApp Inc, you can compare the effects of market volatilities on Aurora Mobile 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 Aurora Mobile with a short position of CXApp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aurora Mobile and CXApp.
Diversification Opportunities for Aurora Mobile and CXApp
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Aurora and CXApp is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Aurora Mobile and CXApp Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CXApp Inc and Aurora Mobile 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 Aurora Mobile 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 Aurora Mobile i.e., Aurora Mobile and CXApp go up and down completely randomly.
Pair Corralation between Aurora Mobile and CXApp
Allowing for the 90-day total investment horizon Aurora Mobile is expected to generate 1.21 times more return on investment than CXApp. However, Aurora Mobile is 1.21 times more volatile than CXApp Inc. It trades about 0.11 of its potential returns per unit of risk. CXApp Inc is currently generating about -0.13 per unit of risk. If you would invest 588.00 in Aurora Mobile on October 21, 2024 and sell it today you would earn a total of 47.00 from holding Aurora Mobile or generate 7.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aurora Mobile vs. CXApp Inc
Performance |
| Timeline |
| Aurora Mobile |
| CXApp Inc |
Aurora Mobile and CXApp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aurora Mobile and CXApp
The main advantage of trading using opposite Aurora Mobile and CXApp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aurora Mobile 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.| Aurora Mobile vs. GigaCloud Technology Class | Aurora Mobile vs. Arqit Quantum | Aurora Mobile vs. Telos Corp | Aurora Mobile vs. Cemtrex |
| CXApp vs. Compania Cervecerias Unidas | CXApp vs. Tandem Diabetes Care | CXApp vs. Aquestive Therapeutics | CXApp vs. The Joint Corp |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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