Correlation Between National Research and Augmedix
Can any of the company-specific risk be diversified away by investing in both National Research and Augmedix 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 Augmedix 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 Augmedix, you can compare the effects of market volatilities on National Research and Augmedix 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 Augmedix. Check out your portfolio center. Please also check ongoing floating volatility patterns of National Research and Augmedix.
Diversification Opportunities for National Research and Augmedix
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between National and Augmedix is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding National Research Corp and Augmedix in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Augmedix 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 Augmedix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Augmedix has no effect on the direction of National Research i.e., National Research and Augmedix go up and down completely randomly.
Pair Corralation between National Research and Augmedix
Considering the 90-day investment horizon National Research Corp is expected to under-perform the Augmedix. But the stock apears to be less risky and, when comparing its historical volatility, National Research Corp is 4.35 times less risky than Augmedix. The stock trades about -0.1 of its potential returns per unit of risk. The Augmedix is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 440.00 in Augmedix on August 26, 2024 and sell it today you would lose (205.00) from holding Augmedix or give up 46.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 86.3% |
| Values | Daily Returns |
National Research Corp vs. Augmedix
Performance |
| Timeline |
| National Research Corp |
| Augmedix |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
National Research and Augmedix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National Research and Augmedix
The main advantage of trading using opposite National Research and Augmedix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National Research position performs unexpectedly, Augmedix 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 Augmedix will offset losses from the drop in Augmedix's long position.| National Research vs. Omega Flex | National Research vs. NI Holdings | National Research vs. PC Connection | National Research vs. Northrim BanCorp |
| Augmedix vs. In8bio Inc | Augmedix vs. Dermata Therapeutics | Augmedix vs. Elevation Oncology | Augmedix vs. Aclarion |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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