Correlation Between Glimpse and Nuvei Corp
Can any of the company-specific risk be diversified away by investing in both Glimpse and Nuvei Corp 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 Glimpse and Nuvei Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Glimpse Group and Nuvei Corp, you can compare the effects of market volatilities on Glimpse and Nuvei Corp 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 Glimpse with a short position of Nuvei Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Glimpse and Nuvei Corp.
Diversification Opportunities for Glimpse and Nuvei Corp
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Glimpse and Nuvei is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Glimpse Group and Nuvei Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuvei Corp and Glimpse 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 Glimpse Group are associated (or correlated) with Nuvei Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuvei Corp has no effect on the direction of Glimpse i.e., Glimpse and Nuvei Corp go up and down completely randomly.
Pair Corralation between Glimpse and Nuvei Corp
Given the investment horizon of 90 days Glimpse Group is expected to under-perform the Nuvei Corp. In addition to that, Glimpse is 21.57 times more volatile than Nuvei Corp. It trades about -0.05 of its total potential returns per unit of risk. Nuvei Corp is currently generating about 0.23 per unit of volatility. If you would invest 3,199 in Nuvei Corp on September 1, 2024 and sell it today you would earn a total of 200.00 from holding Nuvei Corp or generate 6.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 94.44% |
| Values | Daily Returns |
Glimpse Group vs. Nuvei Corp
Performance |
| Timeline |
| Glimpse Group |
| Nuvei Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
Glimpse and Nuvei Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Glimpse and Nuvei Corp
The main advantage of trading using opposite Glimpse and Nuvei Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Glimpse position performs unexpectedly, Nuvei Corp 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 Nuvei Corp will offset losses from the drop in Nuvei Corp's long position.| Glimpse vs. Palo Alto Networks | Glimpse vs. GigaCloud Technology Class | Glimpse vs. Pagaya Technologies | Glimpse vs. Telos Corp |
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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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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