Correlation Between NCino and Maptelligent
Can any of the company-specific risk be diversified away by investing in both NCino and Maptelligent 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 Maptelligent into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between nCino Inc and Maptelligent, you can compare the effects of market volatilities on NCino and Maptelligent 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 Maptelligent. Check out your portfolio center. Please also check ongoing floating volatility patterns of NCino and Maptelligent.
Diversification Opportunities for NCino and Maptelligent
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between NCino and Maptelligent is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding nCino Inc and Maptelligent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maptelligent 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 Maptelligent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maptelligent has no effect on the direction of NCino i.e., NCino and Maptelligent go up and down completely randomly.
Pair Corralation between NCino and Maptelligent
Given the investment horizon of 90 days nCino Inc is expected to generate 0.26 times more return on investment than Maptelligent. However, nCino Inc is 3.92 times less risky than Maptelligent. It trades about 0.16 of its potential returns per unit of risk. Maptelligent is currently generating about -0.15 per unit of risk. If you would invest 2,910 in nCino Inc on September 12, 2024 and sell it today you would earn a total of 731.00 from holding nCino Inc or generate 25.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.46% |
| Values | Daily Returns |
nCino Inc vs. Maptelligent
Performance |
| Timeline |
| nCino Inc |
| Maptelligent |
NCino and Maptelligent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NCino and Maptelligent
The main advantage of trading using opposite NCino and Maptelligent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NCino position performs unexpectedly, Maptelligent 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 Maptelligent will offset losses from the drop in Maptelligent's long position.| NCino vs. Clearwater Analytics Holdings | NCino vs. Meridianlink | NCino vs. Bigcommerce Holdings | NCino vs. ZoomInfo Technologies |
| Maptelligent vs. Mojo Data Solutions | Maptelligent vs. UBI Blockchain Internet | Maptelligent vs. TrackX Holdings | Maptelligent vs. Obocon Inc |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |