Correlation Between Exela Technologies and Bridgeline Digital
Can any of the company-specific risk be diversified away by investing in both Exela Technologies and Bridgeline Digital 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 Exela Technologies and Bridgeline Digital into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Exela Technologies and Bridgeline Digital, you can compare the effects of market volatilities on Exela Technologies and Bridgeline Digital 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 Exela Technologies with a short position of Bridgeline Digital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Exela Technologies and Bridgeline Digital.
Diversification Opportunities for Exela Technologies and Bridgeline Digital
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Exela and Bridgeline is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Exela Technologies and Bridgeline Digital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bridgeline Digital and Exela Technologies 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 Exela Technologies are associated (or correlated) with Bridgeline Digital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bridgeline Digital has no effect on the direction of Exela Technologies i.e., Exela Technologies and Bridgeline Digital go up and down completely randomly.
Pair Corralation between Exela Technologies and Bridgeline Digital
If you would invest 187.00 in Bridgeline Digital on November 9, 2024 and sell it today you would earn a total of 3.00 from holding Bridgeline Digital or generate 1.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Exela Technologies vs. Bridgeline Digital
Performance |
| Timeline |
| Exela Technologies |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Bridgeline Digital |
Exela Technologies and Bridgeline Digital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Exela Technologies and Bridgeline Digital
The main advantage of trading using opposite Exela Technologies and Bridgeline Digital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Exela Technologies position performs unexpectedly, Bridgeline Digital 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 Bridgeline Digital will offset losses from the drop in Bridgeline Digital's long position.| Exela Technologies vs. HeartCore Enterprises | Exela Technologies vs. Infobird Co | Exela Technologies vs. Quhuo | Exela Technologies vs. CXApp Inc |
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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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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