Correlation Between PowerFleet and Aerkomm
Can any of the company-specific risk be diversified away by investing in both PowerFleet and Aerkomm 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 PowerFleet and Aerkomm into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PowerFleet and Aerkomm, you can compare the effects of market volatilities on PowerFleet and Aerkomm 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 PowerFleet with a short position of Aerkomm. Check out your portfolio center. Please also check ongoing floating volatility patterns of PowerFleet and Aerkomm.
Diversification Opportunities for PowerFleet and Aerkomm
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PowerFleet and Aerkomm is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PowerFleet and Aerkomm in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aerkomm and PowerFleet 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 PowerFleet are associated (or correlated) with Aerkomm. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aerkomm has no effect on the direction of PowerFleet i.e., PowerFleet and Aerkomm go up and down completely randomly.
Pair Corralation between PowerFleet and Aerkomm
If you would invest 258.00 in Aerkomm on August 29, 2024 and sell it today you would earn a total of 0.00 from holding Aerkomm or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 23.81% |
| Values | Daily Returns |
PowerFleet vs. Aerkomm
Performance |
| Timeline |
| PowerFleet |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Aerkomm |
PowerFleet and Aerkomm Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PowerFleet and Aerkomm
The main advantage of trading using opposite PowerFleet and Aerkomm positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PowerFleet position performs unexpectedly, Aerkomm 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 Aerkomm will offset losses from the drop in Aerkomm's long position.| PowerFleet vs. KVH Industries | PowerFleet vs. Comtech Telecommunications Corp | PowerFleet vs. ADTRAN Inc | PowerFleet vs. Digi International |
| Aerkomm vs. Viavi Solutions | Aerkomm vs. SatixFy Communications | Aerkomm vs. Wialan Technologies | Aerkomm vs. Electronic Systems Technology |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume |