Correlation Between SSC Technologies and NCino
Can any of the company-specific risk be diversified away by investing in both SSC Technologies and NCino 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 SSC Technologies and NCino into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SSC Technologies Holdings and nCino Inc, you can compare the effects of market volatilities on SSC Technologies and NCino 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 SSC Technologies with a short position of NCino. Check out your portfolio center. Please also check ongoing floating volatility patterns of SSC Technologies and NCino.
Diversification Opportunities for SSC Technologies and NCino
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SSC and NCino is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding SSC Technologies Holdings and nCino Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on nCino Inc and SSC Technologies 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 SSC Technologies Holdings are associated (or correlated) with NCino. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of nCino Inc has no effect on the direction of SSC Technologies i.e., SSC Technologies and NCino go up and down completely randomly.
Pair Corralation between SSC Technologies and NCino
Given the investment horizon of 90 days SSC Technologies Holdings is expected to generate 0.58 times more return on investment than NCino. However, SSC Technologies Holdings is 1.74 times less risky than NCino. It trades about 0.37 of its potential returns per unit of risk. nCino Inc is currently generating about -0.11 per unit of risk. If you would invest 7,570 in SSC Technologies Holdings on November 7, 2024 and sell it today you would earn a total of 610.00 from holding SSC Technologies Holdings or generate 8.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
SSC Technologies Holdings vs. nCino Inc
Performance |
| Timeline |
| SSC Technologies Holdings |
| nCino Inc |
SSC Technologies and NCino Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SSC Technologies and NCino
The main advantage of trading using opposite SSC Technologies and NCino positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SSC Technologies position performs unexpectedly, NCino 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 NCino will offset losses from the drop in NCino's long position.| SSC Technologies vs. Aspen Technology | SSC Technologies vs. Bentley Systems | SSC Technologies vs. Tyler Technologies | SSC Technologies vs. Blackbaud |
| NCino vs. Clearwater Analytics Holdings | NCino vs. Meridianlink | NCino vs. Bigcommerce Holdings | NCino vs. ZoomInfo Technologies |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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