Correlation Between Phunware and AST SpaceMobile
Can any of the company-specific risk be diversified away by investing in both Phunware and AST SpaceMobile 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 Phunware and AST SpaceMobile into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Phunware and AST SpaceMobile, you can compare the effects of market volatilities on Phunware and AST SpaceMobile 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 Phunware with a short position of AST SpaceMobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Phunware and AST SpaceMobile.
Diversification Opportunities for Phunware and AST SpaceMobile
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Phunware and AST is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Phunware and AST SpaceMobile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AST SpaceMobile and Phunware 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 Phunware are associated (or correlated) with AST SpaceMobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AST SpaceMobile has no effect on the direction of Phunware i.e., Phunware and AST SpaceMobile go up and down completely randomly.
Pair Corralation between Phunware and AST SpaceMobile
If you would invest (100.00) in AST SpaceMobile on November 9, 2024 and sell it today you would earn a total of 100.00 from holding AST SpaceMobile or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Phunware vs. AST SpaceMobile
Performance |
| Timeline |
| Phunware |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| AST SpaceMobile |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Phunware and AST SpaceMobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Phunware and AST SpaceMobile
The main advantage of trading using opposite Phunware and AST SpaceMobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Phunware position performs unexpectedly, AST SpaceMobile 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 AST SpaceMobile will offset losses from the drop in AST SpaceMobile's long position.| Phunware vs. Celsius Holdings | Phunware vs. BJs Restaurants | Phunware vs. Flanigans Enterprises | Phunware vs. BranchOut Food Common |
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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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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