Correlation Between Spire Global and AwoX SA
Can any of the company-specific risk be diversified away by investing in both Spire Global and AwoX SA 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 Spire Global and AwoX SA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Spire Global and AwoX SA, you can compare the effects of market volatilities on Spire Global and AwoX SA 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 Spire Global with a short position of AwoX SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spire Global and AwoX SA.
Diversification Opportunities for Spire Global and AwoX SA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Spire and AwoX is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Spire Global and AwoX SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AwoX SA and Spire Global 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 Spire Global are associated (or correlated) with AwoX SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AwoX SA has no effect on the direction of Spire Global i.e., Spire Global and AwoX SA go up and down completely randomly.
Pair Corralation between Spire Global and AwoX SA
If you would invest 1,150 in Spire Global on September 12, 2024 and sell it today you would earn a total of 240.50 from holding Spire Global or generate 20.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Spire Global vs. AwoX SA
Performance |
| Timeline |
| Spire Global |
| AwoX SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Spire Global and AwoX SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Spire Global and AwoX SA
The main advantage of trading using opposite Spire Global and AwoX SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spire Global position performs unexpectedly, AwoX SA 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 AwoX SA will offset losses from the drop in AwoX SA's long position.| Spire Global vs. Lichen China Limited | Spire Global vs. Unifirst | Spire Global vs. First Advantage Corp | Spire Global vs. Performant Financial |
| AwoX SA vs. Technip Energies BV | AwoX SA vs. Netmedia Group SA | AwoX SA vs. Exail Technologies SA | AwoX SA vs. Novatech Industries SA |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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