Correlation Between SpringBig Holdings and Eventide Exponential
Can any of the company-specific risk be diversified away by investing in both SpringBig Holdings and Eventide Exponential 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 Eventide Exponential into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SpringBig Holdings and Eventide Exponential Technologies, you can compare the effects of market volatilities on SpringBig Holdings and Eventide Exponential 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 Eventide Exponential. Check out your portfolio center. Please also check ongoing floating volatility patterns of SpringBig Holdings and Eventide Exponential.
Diversification Opportunities for SpringBig Holdings and Eventide Exponential
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between SpringBig and Eventide is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding SpringBig Holdings and Eventide Exponential Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eventide Exponential 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 Eventide Exponential. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eventide Exponential has no effect on the direction of SpringBig Holdings i.e., SpringBig Holdings and Eventide Exponential go up and down completely randomly.
Pair Corralation between SpringBig Holdings and Eventide Exponential
If you would invest 1,212 in Eventide Exponential Technologies on September 1, 2024 and sell it today you would earn a total of 149.00 from holding Eventide Exponential Technologies or generate 12.29% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 4.76% |
Values | Daily Returns |
SpringBig Holdings vs. Eventide Exponential Technolog
Performance |
Timeline |
SpringBig Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Eventide Exponential |
SpringBig Holdings and Eventide Exponential Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with SpringBig Holdings and Eventide Exponential
The main advantage of trading using opposite SpringBig Holdings and Eventide Exponential positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SpringBig Holdings position performs unexpectedly, Eventide Exponential 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 Eventide Exponential will offset losses from the drop in Eventide Exponential's long position.SpringBig Holdings vs. Dave Warrants | SpringBig Holdings vs. SoundHound AI | SpringBig Holdings vs. Swvl Holdings Corp | SpringBig Holdings vs. WM Technology |
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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.
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