Correlation Between Powerbridge Technologies and Oblong
Can any of the company-specific risk be diversified away by investing in both Powerbridge Technologies and Oblong 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 Powerbridge Technologies and Oblong into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Powerbridge Technologies Co and Oblong Inc, you can compare the effects of market volatilities on Powerbridge Technologies and Oblong 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 Powerbridge Technologies with a short position of Oblong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Powerbridge Technologies and Oblong.
Diversification Opportunities for Powerbridge Technologies and Oblong
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Powerbridge and Oblong is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Powerbridge Technologies Co and Oblong Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oblong Inc and Powerbridge 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 Powerbridge Technologies Co are associated (or correlated) with Oblong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oblong Inc has no effect on the direction of Powerbridge Technologies i.e., Powerbridge Technologies and Oblong go up and down completely randomly.
Pair Corralation between Powerbridge Technologies and Oblong
If you would invest 620.00 in Oblong Inc on September 2, 2024 and sell it today you would lose (264.00) from holding Oblong Inc or give up 42.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 0.4% |
| Values | Daily Returns |
Powerbridge Technologies Co vs. Oblong Inc
Performance |
| Timeline |
| Powerbridge Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Oblong Inc |
Powerbridge Technologies and Oblong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Powerbridge Technologies and Oblong
The main advantage of trading using opposite Powerbridge Technologies and Oblong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Powerbridge Technologies position performs unexpectedly, Oblong 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 Oblong will offset losses from the drop in Oblong's long position.| Powerbridge Technologies vs. Digital Brands Group | Powerbridge Technologies vs. VERB TECHNOLOGY PANY | Powerbridge Technologies vs. Farmmi Inc |
| Oblong vs. Full Truck Alliance | Oblong vs. Kingsoft Cloud Holdings | Oblong vs. Bm Technologies | Oblong vs. ePlus inc |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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