Correlation Between SpringBig Holdings and Mfs Technology
Can any of the company-specific risk be diversified away by investing in both SpringBig Holdings and Mfs Technology 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 Mfs Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SpringBig Holdings and Mfs Technology Fund, you can compare the effects of market volatilities on SpringBig Holdings and Mfs Technology 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 Mfs Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of SpringBig Holdings and Mfs Technology.
Diversification Opportunities for SpringBig Holdings and Mfs Technology
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SpringBig and Mfs is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SpringBig Holdings and Mfs Technology Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mfs Technology 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 Mfs Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mfs Technology has no effect on the direction of SpringBig Holdings i.e., SpringBig Holdings and Mfs Technology go up and down completely randomly.
Pair Corralation between SpringBig Holdings and Mfs Technology
If you would invest (100.00) in SpringBig Holdings on November 27, 2024 and sell it today you would earn a total of 100.00 from holding SpringBig Holdings or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
SpringBig Holdings vs. Mfs Technology Fund
Performance |
| Timeline |
| SpringBig Holdings |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Mfs Technology |
SpringBig Holdings and Mfs Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SpringBig Holdings and Mfs Technology
The main advantage of trading using opposite SpringBig Holdings and Mfs Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SpringBig Holdings position performs unexpectedly, Mfs Technology 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 Mfs Technology will offset losses from the drop in Mfs Technology's long position.| SpringBig Holdings vs. Dave Warrants | SpringBig Holdings vs. SoundHound AI | SpringBig Holdings vs. Swvl Holdings Corp | SpringBig Holdings vs. WM Technology |
| Mfs Technology vs. Tiaa Cref Funds | Mfs Technology vs. First American Funds | Mfs Technology vs. Dreyfus Institutional Reserves | Mfs Technology vs. Franklin Government Money |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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