Correlation Between Workday and Peraso
Can any of the company-specific risk be diversified away by investing in both Workday and Peraso 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 Workday and Peraso into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Workday and Peraso Inc, you can compare the effects of market volatilities on Workday and Peraso 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 Workday with a short position of Peraso. Check out your portfolio center. Please also check ongoing floating volatility patterns of Workday and Peraso.
Diversification Opportunities for Workday and Peraso
Weak diversification
The 3 months correlation between Workday and Peraso is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Workday and Peraso Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Peraso Inc and Workday 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 Workday are associated (or correlated) with Peraso. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Peraso Inc has no effect on the direction of Workday i.e., Workday and Peraso go up and down completely randomly.
Pair Corralation between Workday and Peraso
Given the investment horizon of 90 days Workday is expected to generate 0.23 times more return on investment than Peraso. However, Workday is 4.35 times less risky than Peraso. It trades about 0.02 of its potential returns per unit of risk. Peraso Inc is currently generating about -0.03 per unit of risk. If you would invest 19,641 in Workday on January 10, 2025 and sell it today you would earn a total of 2,846 from holding Workday or generate 14.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Workday vs. Peraso Inc
Performance |
| Timeline |
| Workday |
| Peraso Inc |
Workday and Peraso Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Workday and Peraso
The main advantage of trading using opposite Workday and Peraso positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Workday position performs unexpectedly, Peraso 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 Peraso will offset losses from the drop in Peraso's long position.| Workday vs. Intuit Inc | Workday vs. Zoom Video Communications | Workday vs. ServiceNow | Workday vs. Snowflake |
| Peraso vs. Wisekey International Holding | Peraso vs. SemiLEDS | Peraso vs. GSI Technology | Peraso vs. SEALSQ Corp |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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