Correlation Between MondayCom and Bill
Can any of the company-specific risk be diversified away by investing in both MondayCom and Bill 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 MondayCom and Bill into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MondayCom and Bill Com Holdings, you can compare the effects of market volatilities on MondayCom and Bill 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 MondayCom with a short position of Bill. Check out your portfolio center. Please also check ongoing floating volatility patterns of MondayCom and Bill.
Diversification Opportunities for MondayCom and Bill
Very good diversification
The 3 months correlation between MondayCom and Bill is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding MondayCom and Bill Com Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bill Com Holdings and MondayCom 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 MondayCom are associated (or correlated) with Bill. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bill Com Holdings has no effect on the direction of MondayCom i.e., MondayCom and Bill go up and down completely randomly.
Pair Corralation between MondayCom and Bill
Given the investment horizon of 90 days MondayCom is expected to generate 1.15 times more return on investment than Bill. However, MondayCom is 1.15 times more volatile than Bill Com Holdings. It trades about -0.39 of its potential returns per unit of risk. Bill Com Holdings is currently generating about -0.5 per unit of risk. If you would invest 32,792 in MondayCom on December 13, 2024 and sell it today you would lose (8,555) from holding MondayCom or give up 26.09% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
MondayCom vs. Bill Com Holdings
Performance |
| Timeline |
| MondayCom |
| Bill Com Holdings |
MondayCom and Bill Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MondayCom and Bill
The main advantage of trading using opposite MondayCom and Bill positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MondayCom position performs unexpectedly, Bill 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 Bill will offset losses from the drop in Bill's long position.| MondayCom vs. Datadog | ||
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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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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