Correlation Between National Research and FOXO Technologies
Can any of the company-specific risk be diversified away by investing in both National Research and FOXO Technologies 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 FOXO Technologies 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 FOXO Technologies, you can compare the effects of market volatilities on National Research and FOXO Technologies 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 FOXO Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of National Research and FOXO Technologies.
Diversification Opportunities for National Research and FOXO Technologies
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between National and FOXO is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding National Research Corp and FOXO Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FOXO Technologies 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 FOXO Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FOXO Technologies has no effect on the direction of National Research i.e., National Research and FOXO Technologies go up and down completely randomly.
Pair Corralation between National Research and FOXO Technologies
Considering the 90-day investment horizon National Research Corp is expected to under-perform the FOXO Technologies. But the stock apears to be less risky and, when comparing its historical volatility, National Research Corp is 10.77 times less risky than FOXO Technologies. The stock trades about -0.05 of its potential returns per unit of risk. The FOXO Technologies is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 484.00 in FOXO Technologies on August 29, 2024 and sell it today you would lose (432.83) from holding FOXO Technologies or give up 89.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.19% |
| Values | Daily Returns |
National Research Corp vs. FOXO Technologies
Performance |
| Timeline |
| National Research Corp |
| FOXO Technologies |
National Research and FOXO Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National Research and FOXO Technologies
The main advantage of trading using opposite National Research and FOXO Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National Research position performs unexpectedly, FOXO Technologies 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 FOXO Technologies will offset losses from the drop in FOXO Technologies' long position.| National Research vs. Omega Flex | National Research vs. NI Holdings | National Research vs. PC Connection | National Research vs. Northrim BanCorp |
| FOXO Technologies vs. Heartbeam | FOXO Technologies vs. EUDA Health Holdings | FOXO Technologies vs. Nutex Health | FOXO Technologies vs. Healthcare Triangle |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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