Correlation Between Kidoz and Fluent
Can any of the company-specific risk be diversified away by investing in both Kidoz and Fluent 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 Kidoz and Fluent into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kidoz Inc and Fluent Inc, you can compare the effects of market volatilities on Kidoz and Fluent 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 Kidoz with a short position of Fluent. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kidoz and Fluent.
Diversification Opportunities for Kidoz and Fluent
Average diversification
The 3 months correlation between Kidoz and Fluent is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Kidoz Inc and Fluent Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fluent Inc and Kidoz 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 Kidoz Inc are associated (or correlated) with Fluent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fluent Inc has no effect on the direction of Kidoz i.e., Kidoz and Fluent go up and down completely randomly.
Pair Corralation between Kidoz and Fluent
Assuming the 90 days horizon Kidoz Inc is expected to generate 14.98 times more return on investment than Fluent. However, Kidoz is 14.98 times more volatile than Fluent Inc. It trades about 0.2 of its potential returns per unit of risk. Fluent Inc is currently generating about -0.06 per unit of risk. If you would invest 10.00 in Kidoz Inc on September 2, 2024 and sell it today you would earn a total of 0.00 from holding Kidoz Inc or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kidoz Inc vs. Fluent Inc
Performance |
| Timeline |
| Kidoz Inc |
| Fluent Inc |
Kidoz and Fluent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kidoz and Fluent
The main advantage of trading using opposite Kidoz and Fluent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kidoz position performs unexpectedly, Fluent 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 Fluent will offset losses from the drop in Fluent's long position.| Kidoz vs. INEO Tech Corp | Kidoz vs. Marchex | Kidoz vs. Snipp Interactive | Kidoz vs. Mirriad Advertising plc |
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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