Correlation Between Exela Technologies and Beamr Imaging
Can any of the company-specific risk be diversified away by investing in both Exela Technologies and Beamr Imaging 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 Beamr Imaging into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Exela Technologies and Beamr Imaging Ltd, you can compare the effects of market volatilities on Exela Technologies and Beamr Imaging 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 Beamr Imaging. Check out your portfolio center. Please also check ongoing floating volatility patterns of Exela Technologies and Beamr Imaging.
Diversification Opportunities for Exela Technologies and Beamr Imaging
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Exela and Beamr is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Exela Technologies and Beamr Imaging Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beamr Imaging 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 Beamr Imaging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beamr Imaging has no effect on the direction of Exela Technologies i.e., Exela Technologies and Beamr Imaging go up and down completely randomly.
Pair Corralation between Exela Technologies and Beamr Imaging
If you would invest 111.00 in Exela Technologies on October 30, 2024 and sell it today you would earn a total of 0.00 from holding Exela Technologies or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.56% |
| Values | Daily Returns |
Exela Technologies vs. Beamr Imaging Ltd
Performance |
| Timeline |
| Exela Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Beamr Imaging |
Exela Technologies and Beamr Imaging Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Exela Technologies and Beamr Imaging
The main advantage of trading using opposite Exela Technologies and Beamr Imaging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Exela Technologies position performs unexpectedly, Beamr Imaging 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 Beamr Imaging will offset losses from the drop in Beamr Imaging's long position.| Exela Technologies vs. HeartCore Enterprises | Exela Technologies vs. Infobird Co | Exela Technologies vs. Quhuo | Exela Technologies vs. CXApp Inc |
| Beamr Imaging vs. Infobird Co | Beamr Imaging vs. HeartCore Enterprises | Beamr Imaging vs. Trust Stamp | Beamr Imaging vs. Quhuo |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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