Correlation Between Baijiayun and Swvl Holdings
Can any of the company-specific risk be diversified away by investing in both Baijiayun and Swvl Holdings 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 Baijiayun and Swvl Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Baijiayun Group and Swvl Holdings Corp, you can compare the effects of market volatilities on Baijiayun and Swvl Holdings 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 Baijiayun with a short position of Swvl Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Baijiayun and Swvl Holdings.
Diversification Opportunities for Baijiayun and Swvl Holdings
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Baijiayun and Swvl is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Baijiayun Group and Swvl Holdings Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Swvl Holdings Corp and Baijiayun 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 Baijiayun Group are associated (or correlated) with Swvl Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Swvl Holdings Corp has no effect on the direction of Baijiayun i.e., Baijiayun and Swvl Holdings go up and down completely randomly.
Pair Corralation between Baijiayun and Swvl Holdings
Considering the 90-day investment horizon Baijiayun Group is expected to under-perform the Swvl Holdings. But the stock apears to be less risky and, when comparing its historical volatility, Baijiayun Group is 1.78 times less risky than Swvl Holdings. The stock trades about -0.68 of its potential returns per unit of risk. The Swvl Holdings Corp is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 1.80 in Swvl Holdings Corp on September 22, 2024 and sell it today you would lose (0.19) from holding Swvl Holdings Corp or give up 10.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
Baijiayun Group vs. Swvl Holdings Corp
Performance |
| Timeline |
| Baijiayun Group |
| Swvl Holdings Corp |
Baijiayun and Swvl Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Baijiayun and Swvl Holdings
The main advantage of trading using opposite Baijiayun and Swvl Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Baijiayun position performs unexpectedly, Swvl Holdings 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 Swvl Holdings will offset losses from the drop in Swvl Holdings' long position.| Baijiayun vs. Issuer Direct Corp | Baijiayun vs. eGain | Baijiayun vs. Research Solutions | Baijiayun vs. Paycor HCM |
| Swvl Holdings vs. Dave Warrants | Swvl Holdings vs. Aquagold International | Swvl Holdings vs. Morningstar Unconstrained Allocation | Swvl Holdings vs. Thrivent High Yield |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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