Correlation Between Veritone and Mogo
Can any of the company-specific risk be diversified away by investing in both Veritone and Mogo 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 Veritone and Mogo into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Veritone and Mogo Inc, you can compare the effects of market volatilities on Veritone and Mogo 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 Veritone with a short position of Mogo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Veritone and Mogo.
Diversification Opportunities for Veritone and Mogo
Very good diversification
The 3 months correlation between Veritone and Mogo is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Veritone and Mogo Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mogo Inc and Veritone 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 Veritone are associated (or correlated) with Mogo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mogo Inc has no effect on the direction of Veritone i.e., Veritone and Mogo go up and down completely randomly.
Pair Corralation between Veritone and Mogo
Given the investment horizon of 90 days Veritone is expected to under-perform the Mogo. In addition to that, Veritone is 1.71 times more volatile than Mogo Inc. It trades about -0.11 of its total potential returns per unit of risk. Mogo Inc is currently generating about 0.03 per unit of volatility. If you would invest 131.00 in Mogo Inc on November 4, 2024 and sell it today you would earn a total of 1.00 from holding Mogo Inc or generate 0.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Veritone vs. Mogo Inc
Performance |
| Timeline |
| Veritone |
| Mogo Inc |
Veritone and Mogo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Veritone and Mogo
The main advantage of trading using opposite Veritone and Mogo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Veritone position performs unexpectedly, Mogo 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 Mogo will offset losses from the drop in Mogo's long position.| Veritone vs. Bridgeline Digital | Veritone vs. Aurora Mobile | Veritone vs. Ryvyl Inc | Veritone vs. Global Blue Group |
| Mogo vs. Katapult Holdings Equity | Mogo vs. International Money Express | Mogo vs. Bakkt Holdings | Mogo vs. Kaltura |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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