Correlation Between Omniq Corp and BASE
Can any of the company-specific risk be diversified away by investing in both Omniq Corp and BASE 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 Omniq Corp and BASE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Omniq Corp and BASE Inc, you can compare the effects of market volatilities on Omniq Corp and BASE 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 Omniq Corp with a short position of BASE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Omniq Corp and BASE.
Diversification Opportunities for Omniq Corp and BASE
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Omniq and BASE is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Omniq Corp and BASE Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BASE Inc and Omniq Corp 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 Omniq Corp are associated (or correlated) with BASE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BASE Inc has no effect on the direction of Omniq Corp i.e., Omniq Corp and BASE go up and down completely randomly.
Pair Corralation between Omniq Corp and BASE
If you would invest 126.00 in BASE Inc on August 27, 2024 and sell it today you would earn a total of 24.00 from holding BASE Inc or generate 19.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Omniq Corp vs. BASE Inc
Performance |
| Timeline |
| Omniq Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| BASE Inc |
Omniq Corp and BASE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Omniq Corp and BASE
The main advantage of trading using opposite Omniq Corp and BASE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Omniq Corp position performs unexpectedly, BASE 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 BASE will offset losses from the drop in BASE's long position.| Omniq Corp vs. RenoWorks Software | Omniq Corp vs. 01 Communique Laboratory | Omniq Corp vs. LifeSpeak | Omniq Corp vs. Schimatic Cash Transactions |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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