Correlation Between Touchpoint Group and Appswarm
Can any of the company-specific risk be diversified away by investing in both Touchpoint Group and Appswarm 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 Touchpoint Group and Appswarm into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Touchpoint Group Holdings and Appswarm, you can compare the effects of market volatilities on Touchpoint Group and Appswarm 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 Touchpoint Group with a short position of Appswarm. Check out your portfolio center. Please also check ongoing floating volatility patterns of Touchpoint Group and Appswarm.
Diversification Opportunities for Touchpoint Group and Appswarm
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Touchpoint and Appswarm is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Touchpoint Group Holdings and Appswarm in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Appswarm and Touchpoint Group 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 Touchpoint Group Holdings are associated (or correlated) with Appswarm. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Appswarm has no effect on the direction of Touchpoint Group i.e., Touchpoint Group and Appswarm go up and down completely randomly.
Pair Corralation between Touchpoint Group and Appswarm
If you would invest 0.01 in Touchpoint Group Holdings on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Touchpoint Group Holdings or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Touchpoint Group Holdings vs. Appswarm
Performance |
| Timeline |
| Touchpoint Group Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Appswarm |
Touchpoint Group and Appswarm Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Touchpoint Group and Appswarm
The main advantage of trading using opposite Touchpoint Group and Appswarm positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Touchpoint Group position performs unexpectedly, Appswarm 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 Appswarm will offset losses from the drop in Appswarm's long position.| Touchpoint Group vs. Protek Capital | Touchpoint Group vs. On4 Communications | Touchpoint Group vs. Bowmo Inc | Touchpoint Group vs. BHPA Inc |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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