Correlation Between Looking Glass and AppTech Payments
Can any of the company-specific risk be diversified away by investing in both Looking Glass and AppTech Payments 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 Looking Glass and AppTech Payments into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Looking Glass Labs and AppTech Payments Corp, you can compare the effects of market volatilities on Looking Glass and AppTech Payments 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 Looking Glass with a short position of AppTech Payments. Check out your portfolio center. Please also check ongoing floating volatility patterns of Looking Glass and AppTech Payments.
Diversification Opportunities for Looking Glass and AppTech Payments
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Looking and AppTech is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Looking Glass Labs and AppTech Payments Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AppTech Payments Corp and Looking Glass 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 Looking Glass Labs are associated (or correlated) with AppTech Payments. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AppTech Payments Corp has no effect on the direction of Looking Glass i.e., Looking Glass and AppTech Payments go up and down completely randomly.
Pair Corralation between Looking Glass and AppTech Payments
If you would invest 54.00 in AppTech Payments Corp on November 3, 2024 and sell it today you would lose (34.99) from holding AppTech Payments Corp or give up 64.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 0.51% |
| Values | Daily Returns |
Looking Glass Labs vs. AppTech Payments Corp
Performance |
| Timeline |
| Looking Glass Labs |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| AppTech Payments Corp |
Looking Glass and AppTech Payments Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Looking Glass and AppTech Payments
The main advantage of trading using opposite Looking Glass and AppTech Payments positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Looking Glass position performs unexpectedly, AppTech Payments 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 AppTech Payments will offset losses from the drop in AppTech Payments' long position.| Looking Glass vs. Fuse Science | Looking Glass vs. Data Call Technologi | Looking Glass vs. Rightscorp | Looking Glass vs. Alarum Technologies |
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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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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