Correlation Between ZeroFox Holdings and Tucows
Can any of the company-specific risk be diversified away by investing in both ZeroFox Holdings and Tucows 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 Tucows into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ZeroFox Holdings and Tucows Inc, you can compare the effects of market volatilities on ZeroFox Holdings and Tucows 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 Tucows. Check out your portfolio center. Please also check ongoing floating volatility patterns of ZeroFox Holdings and Tucows.
Diversification Opportunities for ZeroFox Holdings and Tucows
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ZeroFox and Tucows is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding ZeroFox Holdings and Tucows Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tucows 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 Tucows. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tucows Inc has no effect on the direction of ZeroFox Holdings i.e., ZeroFox Holdings and Tucows go up and down completely randomly.
Pair Corralation between ZeroFox Holdings and Tucows
Given the investment horizon of 90 days ZeroFox Holdings is expected to under-perform the Tucows. In addition to that, ZeroFox Holdings is 1.73 times more volatile than Tucows Inc. It trades about -0.08 of its total potential returns per unit of risk. Tucows Inc is currently generating about -0.01 per unit of volatility. If you would invest 3,074 in Tucows Inc on August 24, 2024 and sell it today you would lose (1,447) from holding Tucows Inc or give up 47.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 32.06% |
| Values | Daily Returns |
ZeroFox Holdings vs. Tucows Inc
Performance |
| Timeline |
| ZeroFox Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Tucows Inc |
ZeroFox Holdings and Tucows Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ZeroFox Holdings and Tucows
The main advantage of trading using opposite ZeroFox Holdings and Tucows positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ZeroFox Holdings position performs unexpectedly, Tucows 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 Tucows will offset losses from the drop in Tucows' long position.| ZeroFox Holdings vs. Hub Cyber Security | ZeroFox Holdings vs. authID Inc | ZeroFox Holdings vs. VirnetX Holding Corp | ZeroFox Holdings vs. Aurora Mobile |
| Tucows vs. NV5 Global | Tucows vs. Diamond Hill Investment | Tucows vs. Mesa Laboratories | Tucows vs. Winmark |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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