Correlation Between Zeta Global and Auddia
Can any of the company-specific risk be diversified away by investing in both Zeta Global and Auddia 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 Zeta Global and Auddia into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Zeta Global Holdings and Auddia Inc, you can compare the effects of market volatilities on Zeta Global and Auddia 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 Zeta Global with a short position of Auddia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zeta Global and Auddia.
Diversification Opportunities for Zeta Global and Auddia
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Zeta and Auddia is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Zeta Global Holdings and Auddia Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Auddia Inc and Zeta Global 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 Zeta Global Holdings are associated (or correlated) with Auddia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Auddia Inc has no effect on the direction of Zeta Global i.e., Zeta Global and Auddia go up and down completely randomly.
Pair Corralation between Zeta Global and Auddia
Given the investment horizon of 90 days Zeta Global Holdings is expected to generate 0.91 times more return on investment than Auddia. However, Zeta Global Holdings is 1.1 times less risky than Auddia. It trades about 0.05 of its potential returns per unit of risk. Auddia Inc is currently generating about -0.16 per unit of risk. If you would invest 2,742 in Zeta Global Holdings on September 5, 2024 and sell it today you would lose (111.00) from holding Zeta Global Holdings or give up 4.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 50.0% |
| Values | Daily Returns |
Zeta Global Holdings vs. Auddia Inc
Performance |
| Timeline |
| Zeta Global Holdings |
| Auddia Inc |
Zeta Global and Auddia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zeta Global and Auddia
The main advantage of trading using opposite Zeta Global and Auddia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zeta Global position performs unexpectedly, Auddia 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 Auddia will offset losses from the drop in Auddia's long position.| Zeta Global vs. Nutanix | Zeta Global vs. Palo Alto Networks | Zeta Global vs. GigaCloud Technology Class | Zeta Global vs. Pagaya Technologies |
| Auddia vs. Eventbrite Class A | Auddia vs. Blackbaud | Auddia vs. Jamf Holding | Auddia vs. Zeta Global Holdings |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |