Correlation Between Oblong and Agent Information
Can any of the company-specific risk be diversified away by investing in both Oblong and Agent Information 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 Oblong and Agent Information into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oblong Inc and Agent Information Software, you can compare the effects of market volatilities on Oblong and Agent Information 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 Oblong with a short position of Agent Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oblong and Agent Information.
Diversification Opportunities for Oblong and Agent Information
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Oblong and Agent is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Oblong Inc and Agent Information Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agent Information and Oblong 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 Oblong Inc are associated (or correlated) with Agent Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agent Information has no effect on the direction of Oblong i.e., Oblong and Agent Information go up and down completely randomly.
Pair Corralation between Oblong and Agent Information
Given the investment horizon of 90 days Oblong Inc is expected to under-perform the Agent Information. In addition to that, Oblong is 1.52 times more volatile than Agent Information Software. It trades about -0.03 of its total potential returns per unit of risk. Agent Information Software is currently generating about 0.02 per unit of volatility. If you would invest 175.00 in Agent Information Software on August 31, 2024 and sell it today you would lose (40.00) from holding Agent Information Software or give up 22.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oblong Inc vs. Agent Information Software
Performance |
| Timeline |
| Oblong Inc |
| Agent Information |
Oblong and Agent Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oblong and Agent Information
The main advantage of trading using opposite Oblong and Agent Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oblong position performs unexpectedly, Agent Information 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 Agent Information will offset losses from the drop in Agent Information's long position.| Oblong vs. Full Truck Alliance | Oblong vs. Kingsoft Cloud Holdings | Oblong vs. Bm Technologies | Oblong vs. ePlus inc |
| Agent Information vs. Waldencast Acquisition Corp | Agent Information vs. Alkami Technology | Agent Information vs. ADEIA P | Agent Information vs. Paycor HCM |
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 CEOs Directory module to screen CEOs from public companies around the world.
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