Correlation Between National Research and Aclarion
Can any of the company-specific risk be diversified away by investing in both National Research and Aclarion 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 National Research and Aclarion into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between National Research Corp and Aclarion, you can compare the effects of market volatilities on National Research and Aclarion 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 National Research with a short position of Aclarion. Check out your portfolio center. Please also check ongoing floating volatility patterns of National Research and Aclarion.
Diversification Opportunities for National Research and Aclarion
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between National and Aclarion is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding National Research Corp and Aclarion in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aclarion and National Research 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 National Research Corp are associated (or correlated) with Aclarion. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aclarion has no effect on the direction of National Research i.e., National Research and Aclarion go up and down completely randomly.
Pair Corralation between National Research and Aclarion
Considering the 90-day investment horizon National Research Corp is expected to generate 0.22 times more return on investment than Aclarion. However, National Research Corp is 4.49 times less risky than Aclarion. It trades about -0.1 of its potential returns per unit of risk. Aclarion is currently generating about -0.1 per unit of risk. If you would invest 3,891 in National Research Corp on November 9, 2024 and sell it today you would lose (2,209) from holding National Research Corp or give up 56.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
National Research Corp vs. Aclarion
Performance |
| Timeline |
| National Research Corp |
| Aclarion |
National Research and Aclarion Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National Research and Aclarion
The main advantage of trading using opposite National Research and Aclarion positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National Research position performs unexpectedly, Aclarion 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 Aclarion will offset losses from the drop in Aclarion's long position.| National Research vs. Omega Flex | National Research vs. NI Holdings | National Research vs. PC Connection | National Research vs. Northrim BanCorp |
| Aclarion vs. EUDA Health Holdings | Aclarion vs. FOXO Technologies | Aclarion vs. Healthcare Triangle | Aclarion vs. Mangoceuticals, Common Stock |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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