Correlation Between Bill and Smartsheet

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

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

Diversification Opportunities for Bill and Smartsheet

0.0

Correlation Coefficient

Bill  Smartsheet

Pay attention - limited upside

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

Pair Corralation between Bill and Smartsheet

If you would invest (100.00) in Smartsheet on December 29, 2024 and sell it today you would earn a total of  100.00  from holding Smartsheet 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

Bill Com Holdings  vs.  Smartsheet

Bill Com Holdings

Risk-Adjusted Performance

Very Weak

Over the last 90 days Bill Com Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fragile performance in the last few months, the Stock's essential indicators remain quite persistent which may send shares a bit higher in April 2025. The latest mess may also be a sign of long-standing up-swing for the company institutional investors.

Smartsheet

Risk-Adjusted Performance

Very Weak

Over the last 90 days Smartsheet has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable basic indicators, Smartsheet is not utilizing all of its potentials. The current stock price agitation, may contribute to short-term losses for the retail investors.

Pair Trading with Bill and Smartsheet

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

The idea behind Bill Com Holdings and Smartsheet 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.

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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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.