Correlation Between Where Food and Cowen
Can any of the company-specific risk be diversified away by investing in both Where Food and Cowen 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 Where Food and Cowen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Where Food Comes and Cowen Group, you can compare the effects of market volatilities on Where Food and Cowen 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 Where Food with a short position of Cowen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Where Food and Cowen.
Diversification Opportunities for Where Food and Cowen
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Where and Cowen is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Where Food Comes and Cowen Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cowen Group and Where Food 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 Where Food Comes are associated (or correlated) with Cowen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cowen Group has no effect on the direction of Where Food i.e., Where Food and Cowen go up and down completely randomly.
Pair Corralation between Where Food and Cowen
If you would invest 1,183 in Where Food Comes on September 3, 2024 and sell it today you would earn a total of 28.00 from holding Where Food Comes or generate 2.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 0.68% |
| Values | Daily Returns |
Where Food Comes vs. Cowen Group
Performance |
| Timeline |
| Where Food Comes |
| Cowen Group |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Where Food and Cowen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Where Food and Cowen
The main advantage of trading using opposite Where Food and Cowen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Where Food position performs unexpectedly, Cowen 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 Cowen will offset losses from the drop in Cowen's long position.| Where Food vs. Issuer Direct Corp | Where Food vs. Smith Midland Corp | Where Food vs. Bm Technologies | Where Food vs. 1StdibsCom |
| Cowen vs. Ihuman Inc | Cowen vs. Where Food Comes | Cowen vs. Cadence Design Systems | Cowen vs. Zane Interactive Publishing |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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