Correlation Between QuinStreet and Cardlytics
Can any of the company-specific risk be diversified away by investing in both QuinStreet and Cardlytics 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 QuinStreet and Cardlytics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between QuinStreet and Cardlytics, you can compare the effects of market volatilities on QuinStreet and Cardlytics 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 QuinStreet with a short position of Cardlytics. Check out your portfolio center. Please also check ongoing floating volatility patterns of QuinStreet and Cardlytics.
Diversification Opportunities for QuinStreet and Cardlytics
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between QuinStreet and Cardlytics is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding QuinStreet and Cardlytics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cardlytics and QuinStreet 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 QuinStreet are associated (or correlated) with Cardlytics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cardlytics has no effect on the direction of QuinStreet i.e., QuinStreet and Cardlytics go up and down completely randomly.
Pair Corralation between QuinStreet and Cardlytics
Given the investment horizon of 90 days QuinStreet is expected to generate 0.56 times more return on investment than Cardlytics. However, QuinStreet is 1.8 times less risky than Cardlytics. It trades about 0.23 of its potential returns per unit of risk. Cardlytics is currently generating about 0.03 per unit of risk. If you would invest 1,883 in QuinStreet on August 28, 2024 and sell it today you would earn a total of 371.00 from holding QuinStreet or generate 19.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
QuinStreet vs. Cardlytics
Performance |
| Timeline |
| QuinStreet |
| Cardlytics |
QuinStreet and Cardlytics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with QuinStreet and Cardlytics
The main advantage of trading using opposite QuinStreet and Cardlytics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if QuinStreet position performs unexpectedly, Cardlytics 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 Cardlytics will offset losses from the drop in Cardlytics' long position.| QuinStreet vs. TechTarget | QuinStreet vs. Tactile Systems Technology | QuinStreet vs. NMI Holdings | QuinStreet vs. Phibro Animal Health |
| Cardlytics vs. Criteo Sa | Cardlytics vs. Deluxe | Cardlytics vs. Emerald Expositions Events | Cardlytics vs. Marchex |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |