Correlation Between Oblong and Idex Biometrics
Can any of the company-specific risk be diversified away by investing in both Oblong and Idex Biometrics 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 Idex Biometrics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oblong Inc and Idex Biometrics ASA, you can compare the effects of market volatilities on Oblong and Idex Biometrics 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 Idex Biometrics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oblong and Idex Biometrics.
Diversification Opportunities for Oblong and Idex Biometrics
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Oblong and Idex is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Oblong Inc and Idex Biometrics ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Idex Biometrics ASA 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 Idex Biometrics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Idex Biometrics ASA has no effect on the direction of Oblong i.e., Oblong and Idex Biometrics go up and down completely randomly.
Pair Corralation between Oblong and Idex Biometrics
If you would invest 481.00 in Idex Biometrics ASA on August 27, 2024 and sell it today you would earn a total of 0.00 from holding Idex Biometrics ASA or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Oblong Inc vs. Idex Biometrics ASA
Performance |
| Timeline |
| Oblong Inc |
| Idex Biometrics ASA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Oblong and Idex Biometrics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oblong and Idex Biometrics
The main advantage of trading using opposite Oblong and Idex Biometrics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oblong position performs unexpectedly, Idex Biometrics 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 Idex Biometrics will offset losses from the drop in Idex Biometrics' long position.| Oblong vs. Full Truck Alliance | Oblong vs. Kingsoft Cloud Holdings | Oblong vs. Bm Technologies | Oblong vs. ePlus inc |
| Idex Biometrics vs. Bubblr Inc | Idex Biometrics vs. WonderFi Technologies | Idex Biometrics vs. Oblong Inc | Idex Biometrics vs. Where Food Comes |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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