Correlation Between Quotient Technology and Cimpress
Can any of the company-specific risk be diversified away by investing in both Quotient Technology and Cimpress 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 Quotient Technology and Cimpress into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Quotient Technology and Cimpress NV, you can compare the effects of market volatilities on Quotient Technology and Cimpress 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 Quotient Technology with a short position of Cimpress. Check out your portfolio center. Please also check ongoing floating volatility patterns of Quotient Technology and Cimpress.
Diversification Opportunities for Quotient Technology and Cimpress
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Quotient and Cimpress is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Quotient Technology and Cimpress NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cimpress NV and Quotient Technology 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 Quotient Technology are associated (or correlated) with Cimpress. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cimpress NV has no effect on the direction of Quotient Technology i.e., Quotient Technology and Cimpress go up and down completely randomly.
Pair Corralation between Quotient Technology and Cimpress
If you would invest 7,340 in Cimpress NV on October 24, 2024 and sell it today you would earn a total of 41.00 from holding Cimpress NV or generate 0.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 5.56% |
| Values | Daily Returns |
Quotient Technology vs. Cimpress NV
Performance |
| Timeline |
| Quotient Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Cimpress NV |
Quotient Technology and Cimpress Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Quotient Technology and Cimpress
The main advantage of trading using opposite Quotient Technology and Cimpress positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Quotient Technology position performs unexpectedly, Cimpress 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 Cimpress will offset losses from the drop in Cimpress' long position.| Quotient Technology vs. Emerald Expositions Events | Quotient Technology vs. Mirriad Advertising plc | Quotient Technology vs. INEO Tech Corp | Quotient Technology vs. Marchex |
| Cimpress vs. Innovid Corp | Cimpress vs. Deluxe | Cimpress vs. Omnicom Group | Cimpress vs. Emerald Expositions Events |
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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