Correlation Between NCino and Agora
Can any of the company-specific risk be diversified away by investing in both NCino and Agora 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 NCino and Agora into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between nCino Inc and Agora Inc, you can compare the effects of market volatilities on NCino and Agora 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 NCino with a short position of Agora. Check out your portfolio center. Please also check ongoing floating volatility patterns of NCino and Agora.
Diversification Opportunities for NCino and Agora
Significant diversification
The 3 months correlation between NCino and Agora is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding nCino Inc and Agora Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agora Inc and NCino 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 nCino Inc are associated (or correlated) with Agora. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agora Inc has no effect on the direction of NCino i.e., NCino and Agora go up and down completely randomly.
Pair Corralation between NCino and Agora
Given the investment horizon of 90 days nCino Inc is expected to under-perform the Agora. But the stock apears to be less risky and, when comparing its historical volatility, nCino Inc is 4.23 times less risky than Agora. The stock trades about -0.11 of its potential returns per unit of risk. The Agora Inc is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 435.00 in Agora Inc on November 7, 2024 and sell it today you would earn a total of 144.00 from holding Agora Inc or generate 33.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
nCino Inc vs. Agora Inc
Performance |
| Timeline |
| nCino Inc |
| Agora Inc |
NCino and Agora Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NCino and Agora
The main advantage of trading using opposite NCino and Agora positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NCino position performs unexpectedly, Agora 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 Agora will offset losses from the drop in Agora's long position.| NCino vs. Clearwater Analytics Holdings | NCino vs. Meridianlink | NCino vs. Bigcommerce Holdings | NCino vs. ZoomInfo Technologies |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings |