Correlation Between Kidoz and SRAX
Can any of the company-specific risk be diversified away by investing in both Kidoz and SRAX 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 SRAX into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kidoz Inc and SRAX Inc, you can compare the effects of market volatilities on Kidoz and SRAX 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 SRAX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kidoz and SRAX.
Diversification Opportunities for Kidoz and SRAX
Very good diversification
The 3 months correlation between Kidoz and SRAX is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Kidoz Inc and SRAX Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SRAX 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 SRAX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SRAX Inc has no effect on the direction of Kidoz i.e., Kidoz and SRAX go up and down completely randomly.
Pair Corralation between Kidoz and SRAX
If you would invest 17.00 in Kidoz Inc on September 2, 2024 and sell it today you would lose (7.00) from holding Kidoz Inc or give up 41.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.4% |
| Values | Daily Returns |
Kidoz Inc vs. SRAX Inc
Performance |
| Timeline |
| Kidoz Inc |
| SRAX Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Kidoz and SRAX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kidoz and SRAX
The main advantage of trading using opposite Kidoz and SRAX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kidoz position performs unexpectedly, SRAX 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 SRAX will offset losses from the drop in SRAX'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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences |