Correlation Between Presto Automation and CXApp
Can any of the company-specific risk be diversified away by investing in both Presto Automation and CXApp 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 Presto Automation and CXApp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Presto Automation and CXApp Inc, you can compare the effects of market volatilities on Presto Automation and CXApp 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 Presto Automation with a short position of CXApp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Presto Automation and CXApp.
Diversification Opportunities for Presto Automation and CXApp
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Presto and CXApp is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Presto Automation and CXApp Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CXApp Inc and Presto Automation 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 Presto Automation are associated (or correlated) with CXApp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CXApp Inc has no effect on the direction of Presto Automation i.e., Presto Automation and CXApp go up and down completely randomly.
Pair Corralation between Presto Automation and CXApp
If you would invest 140.00 in CXApp Inc on August 25, 2024 and sell it today you would earn a total of 1.00 from holding CXApp Inc or generate 0.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Presto Automation vs. CXApp Inc
Performance |
| Timeline |
| Presto Automation |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| CXApp Inc |
Presto Automation and CXApp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Presto Automation and CXApp
The main advantage of trading using opposite Presto Automation and CXApp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Presto Automation position performs unexpectedly, CXApp 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 CXApp will offset losses from the drop in CXApp's long position.| Presto Automation vs. CXApp Inc | Presto Automation vs. Bullfrog AI Holdings, | Presto Automation vs. Guardforce AI Co | Presto Automation vs. Dermata Therapeutics |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes |