Correlation Between Presto Automation and Progress Software
Can any of the company-specific risk be diversified away by investing in both Presto Automation and Progress Software 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 Progress Software into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Presto Automation and Progress Software, you can compare the effects of market volatilities on Presto Automation and Progress Software 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 Progress Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Presto Automation and Progress Software.
Diversification Opportunities for Presto Automation and Progress Software
-0.8 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Presto and Progress is -0.8. Overlapping area represents the amount of risk that can be diversified away by holding Presto Automation and Progress Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Progress Software 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 Progress Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Progress Software has no effect on the direction of Presto Automation i.e., Presto Automation and Progress Software go up and down completely randomly.
Pair Corralation between Presto Automation and Progress Software
If you would invest 6,392 in Progress Software on August 26, 2024 and sell it today you would earn a total of 533.00 from holding Progress Software or generate 8.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 2.27% |
| Values | Daily Returns |
Presto Automation vs. Progress Software
Performance |
| Timeline |
| Presto Automation |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Progress Software |
Presto Automation and Progress Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Presto Automation and Progress Software
The main advantage of trading using opposite Presto Automation and Progress Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Presto Automation position performs unexpectedly, Progress Software 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 Progress Software will offset losses from the drop in Progress Software'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 |
| Progress Software vs. ePlus inc | Progress Software vs. Agilysys | Progress Software vs. Sapiens International | Progress Software vs. PDF Solutions |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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