Correlation Between Alteryx and Domo

Can any of the company-specific risk be diversified away by investing in both Alteryx and Domo 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 Alteryx and Domo into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Alteryx and Domo Inc, you can compare the effects of market volatilities on Alteryx and Domo 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 Alteryx with a short position of Domo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Alteryx and Domo.

Diversification Opportunities for Alteryx and Domo

0.0

Correlation Coefficient

Alteryx  Domo

Pay attention - limited upside

The 3 months correlation between Alteryx and Domo is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Alteryx and Domo Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Domo Inc and Alteryx 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 Alteryx are associated (or correlated) with Domo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Domo Inc has no effect on the direction of Alteryx i.e., Alteryx and Domo go up and down completely randomly.

Pair Corralation between Alteryx and Domo

If you would invest (100.00) in Alteryx on November 28, 2024 and sell it today you would earn a total of  100.00  from holding Alteryx or generate -100.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

Alteryx  vs.  Domo Inc

Alteryx

Risk-Adjusted Performance

Very Weak

Over the last 90 days Alteryx has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly strong basic indicators, Alteryx is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short-term losses for the investors.

Domo Inc

Risk-Adjusted Performance

Very Weak

Over the last 90 days Domo Inc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of uncertain performance in the last few months, the Stock's primary indicators remain very healthy which may send shares a bit higher in March 2025. The recent disarray may also be a sign of long period up-swing for the firm investors.

Pair Trading with Alteryx and Domo

The main advantage of trading using opposite Alteryx and Domo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Alteryx position performs unexpectedly, Domo 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 Domo will offset losses from the drop in Domo's long position.

The idea behind Alteryx and Domo Inc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.