Correlation Between OneLife Technologies and Cannabiz Mobile
Can any of the company-specific risk be diversified away by investing in both OneLife Technologies and Cannabiz Mobile 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 OneLife Technologies and Cannabiz Mobile into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OneLife Technologies Corp and Cannabiz Mobile, you can compare the effects of market volatilities on OneLife Technologies and Cannabiz Mobile 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 OneLife Technologies with a short position of Cannabiz Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of OneLife Technologies and Cannabiz Mobile.
Diversification Opportunities for OneLife Technologies and Cannabiz Mobile
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between OneLife and Cannabiz is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding OneLife Technologies Corp and Cannabiz Mobile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cannabiz Mobile and OneLife Technologies 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 OneLife Technologies Corp are associated (or correlated) with Cannabiz Mobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cannabiz Mobile has no effect on the direction of OneLife Technologies i.e., OneLife Technologies and Cannabiz Mobile go up and down completely randomly.
Pair Corralation between OneLife Technologies and Cannabiz Mobile
Given the investment horizon of 90 days OneLife Technologies Corp is expected to under-perform the Cannabiz Mobile. But the stock apears to be less risky and, when comparing its historical volatility, OneLife Technologies Corp is 10.11 times less risky than Cannabiz Mobile. The stock trades about -0.09 of its potential returns per unit of risk. The Cannabiz Mobile is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 0.01 in Cannabiz Mobile on September 1, 2024 and sell it today you would lose (0.01) from holding Cannabiz Mobile or give up 100.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
OneLife Technologies Corp vs. Cannabiz Mobile
Performance |
| Timeline |
| OneLife Technologies Corp |
| Cannabiz Mobile |
OneLife Technologies and Cannabiz Mobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OneLife Technologies and Cannabiz Mobile
The main advantage of trading using opposite OneLife Technologies and Cannabiz Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OneLife Technologies position performs unexpectedly, Cannabiz Mobile 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 Cannabiz Mobile will offset losses from the drop in Cannabiz Mobile's long position.| OneLife Technologies vs. Certara | OneLife Technologies vs. HealthStream | OneLife Technologies vs. National Research Corp |
| Cannabiz Mobile vs. GE HealthCare Technologies | Cannabiz Mobile vs. Veeva Systems Class | Cannabiz Mobile vs. Solventum Corp | Cannabiz Mobile vs. Doximity |
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.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |