Correlation Between LongFin Corp and SinglePoint
Can any of the company-specific risk be diversified away by investing in both LongFin Corp and SinglePoint 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 LongFin Corp and SinglePoint into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between LongFin Corp and SinglePoint, you can compare the effects of market volatilities on LongFin Corp and SinglePoint 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 LongFin Corp with a short position of SinglePoint. Check out your portfolio center. Please also check ongoing floating volatility patterns of LongFin Corp and SinglePoint.
Diversification Opportunities for LongFin Corp and SinglePoint
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between LongFin and SinglePoint is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding LongFin Corp and SinglePoint in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SinglePoint and LongFin Corp 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 LongFin Corp are associated (or correlated) with SinglePoint. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SinglePoint has no effect on the direction of LongFin Corp i.e., LongFin Corp and SinglePoint go up and down completely randomly.
Pair Corralation between LongFin Corp and SinglePoint
If you would invest 1.60 in SinglePoint on August 30, 2024 and sell it today you would earn a total of 1.50 from holding SinglePoint or generate 93.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.35% |
| Values | Daily Returns |
LongFin Corp vs. SinglePoint
Performance |
| Timeline |
| LongFin Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| SinglePoint |
LongFin Corp and SinglePoint Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with LongFin Corp and SinglePoint
The main advantage of trading using opposite LongFin Corp and SinglePoint positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if LongFin Corp position performs unexpectedly, SinglePoint 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 SinglePoint will offset losses from the drop in SinglePoint's long position.| LongFin Corp vs. Ackroo Inc | LongFin Corp vs. CurrentC Power | LongFin Corp vs. Agent Information Software | LongFin Corp vs. Paycor HCM |
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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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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