Correlation Between Presto Automation and Kubient
Can any of the company-specific risk be diversified away by investing in both Presto Automation and Kubient 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 Kubient into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Presto Automation and Kubient, you can compare the effects of market volatilities on Presto Automation and Kubient 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 Kubient. Check out your portfolio center. Please also check ongoing floating volatility patterns of Presto Automation and Kubient.
Diversification Opportunities for Presto Automation and Kubient
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Presto and Kubient is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Presto Automation and Kubient in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kubient 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 Kubient. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kubient has no effect on the direction of Presto Automation i.e., Presto Automation and Kubient go up and down completely randomly.
Pair Corralation between Presto Automation and Kubient
If you would invest 57.00 in Kubient on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Kubient or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Presto Automation vs. Kubient
Performance |
| Timeline |
| Presto Automation |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Kubient |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Presto Automation and Kubient Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Presto Automation and Kubient
The main advantage of trading using opposite Presto Automation and Kubient positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Presto Automation position performs unexpectedly, Kubient 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 Kubient will offset losses from the drop in Kubient'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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |