Correlation Between NCino and Workiva
Can any of the company-specific risk be diversified away by investing in both NCino and Workiva 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 Workiva into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between nCino Inc and Workiva, you can compare the effects of market volatilities on NCino and Workiva 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 Workiva. Check out your portfolio center. Please also check ongoing floating volatility patterns of NCino and Workiva.
Diversification Opportunities for NCino and Workiva
Excellent diversification
The 3 months correlation between NCino and Workiva is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding nCino Inc and Workiva in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Workiva 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 Workiva. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Workiva has no effect on the direction of NCino i.e., NCino and Workiva go up and down completely randomly.
Pair Corralation between NCino and Workiva
Given the investment horizon of 90 days nCino Inc is expected to generate 0.42 times more return on investment than Workiva. However, nCino Inc is 2.38 times less risky than Workiva. It trades about 0.12 of its potential returns per unit of risk. Workiva is currently generating about -0.08 per unit of risk. If you would invest 3,356 in nCino Inc on October 30, 2024 and sell it today you would earn a total of 125.00 from holding nCino Inc or generate 3.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
nCino Inc vs. Workiva
Performance |
| Timeline |
| nCino Inc |
| Workiva |
NCino and Workiva Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NCino and Workiva
The main advantage of trading using opposite NCino and Workiva positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NCino position performs unexpectedly, Workiva 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 Workiva will offset losses from the drop in Workiva'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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |