Correlation Between SpringBig Holdings and Friendable
Can any of the company-specific risk be diversified away by investing in both SpringBig Holdings and Friendable 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 SpringBig Holdings and Friendable into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SpringBig Holdings and Friendable, you can compare the effects of market volatilities on SpringBig Holdings and Friendable 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 SpringBig Holdings with a short position of Friendable. Check out your portfolio center. Please also check ongoing floating volatility patterns of SpringBig Holdings and Friendable.
Diversification Opportunities for SpringBig Holdings and Friendable
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between SpringBig and Friendable is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding SpringBig Holdings and Friendable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Friendable and SpringBig Holdings 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 SpringBig Holdings are associated (or correlated) with Friendable. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Friendable has no effect on the direction of SpringBig Holdings i.e., SpringBig Holdings and Friendable go up and down completely randomly.
Pair Corralation between SpringBig Holdings and Friendable
If you would invest 0.01 in Friendable on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Friendable or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 2.33% |
| Values | Daily Returns |
SpringBig Holdings vs. Friendable
Performance |
| Timeline |
| SpringBig Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Friendable |
SpringBig Holdings and Friendable Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SpringBig Holdings and Friendable
The main advantage of trading using opposite SpringBig Holdings and Friendable positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SpringBig Holdings position performs unexpectedly, Friendable 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 Friendable will offset losses from the drop in Friendable's long position.| SpringBig Holdings vs. OLB Group | SpringBig Holdings vs. Friendable | SpringBig Holdings vs. LifeSpeak | SpringBig Holdings vs. Creative Realities |
| Friendable vs. HUMANA INC | Friendable vs. SCOR PK | Friendable vs. Aquagold International | Friendable vs. Barloworld Ltd ADR |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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