Correlation Between ZeroFox Holdings and CiT
Can any of the company-specific risk be diversified away by investing in both ZeroFox Holdings and CiT 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 ZeroFox Holdings and CiT into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ZeroFox Holdings and CiT Inc, you can compare the effects of market volatilities on ZeroFox Holdings and CiT 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 ZeroFox Holdings with a short position of CiT. Check out your portfolio center. Please also check ongoing floating volatility patterns of ZeroFox Holdings and CiT.
Diversification Opportunities for ZeroFox Holdings and CiT
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between ZeroFox and CiT is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding ZeroFox Holdings and CiT Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CiT Inc and ZeroFox Holdings 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 ZeroFox Holdings are associated (or correlated) with CiT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CiT Inc has no effect on the direction of ZeroFox Holdings i.e., ZeroFox Holdings and CiT go up and down completely randomly.
Pair Corralation between ZeroFox Holdings and CiT
If you would invest 502.00 in CiT Inc on September 4, 2024 and sell it today you would earn a total of 166.00 from holding CiT Inc or generate 33.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 0.4% |
| Values | Daily Returns |
ZeroFox Holdings vs. CiT Inc
Performance |
| Timeline |
| ZeroFox Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| CiT Inc |
ZeroFox Holdings and CiT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ZeroFox Holdings and CiT
The main advantage of trading using opposite ZeroFox Holdings and CiT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ZeroFox Holdings position performs unexpectedly, CiT 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 CiT will offset losses from the drop in CiT's long position.| ZeroFox Holdings vs. Hub Cyber Security | ZeroFox Holdings vs. authID Inc | ZeroFox Holdings vs. VirnetX Holding Corp | ZeroFox Holdings vs. Aurora Mobile |
| CiT vs. Alarum Technologies | CiT vs. Nutanix | CiT vs. Palo Alto Networks | CiT vs. GigaCloud Technology Class |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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