Correlation Between Luokung Technology and PBTS Old
Can any of the company-specific risk be diversified away by investing in both Luokung Technology and PBTS Old 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 Luokung Technology and PBTS Old into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Luokung Technology Corp and PBTS Old, you can compare the effects of market volatilities on Luokung Technology and PBTS Old 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 Luokung Technology with a short position of PBTS Old. Check out your portfolio center. Please also check ongoing floating volatility patterns of Luokung Technology and PBTS Old.
Diversification Opportunities for Luokung Technology and PBTS Old
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Luokung and PBTS is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Luokung Technology Corp and PBTS Old in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PBTS Old and Luokung Technology 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 Luokung Technology Corp are associated (or correlated) with PBTS Old. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PBTS Old has no effect on the direction of Luokung Technology i.e., Luokung Technology and PBTS Old go up and down completely randomly.
Pair Corralation between Luokung Technology and PBTS Old
If you would invest 160.00 in Luokung Technology Corp on October 23, 2024 and sell it today you would earn a total of 9.00 from holding Luokung Technology Corp or generate 5.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.26% |
| Values | Daily Returns |
Luokung Technology Corp vs. PBTS Old
Performance |
| Timeline |
| Luokung Technology Corp |
| PBTS Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Luokung Technology and PBTS Old Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Luokung Technology and PBTS Old
The main advantage of trading using opposite Luokung Technology and PBTS Old positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Luokung Technology position performs unexpectedly, PBTS Old 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 PBTS Old will offset losses from the drop in PBTS Old's long position.| Luokung Technology vs. Auddia Inc | Luokung Technology vs. Freight Technologies | Luokung Technology vs. CXApp Inc | Luokung Technology vs. Trust Stamp |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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