Correlation Between Getaround and Beamr Imaging

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

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

Diversification Opportunities for Getaround and Beamr Imaging

0.02

Correlation Coefficient

Getaround  Beamr Imaging

Significant diversification

The 3 months correlation between Getaround and Beamr is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding Getaround and Beamr Imaging Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beamr Imaging and Getaround 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 Getaround are associated (or correlated) with Beamr Imaging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beamr Imaging has no effect on the direction of Getaround i.e., Getaround and Beamr Imaging go up and down completely randomly.

Pair Corralation between Getaround and Beamr Imaging

Given the investment horizon of 90 days Getaround is expected to generate 978.11 times less return on investment than Beamr Imaging. But when comparing it to its historical volatility, Getaround is 1.99 times less risky than Beamr Imaging. It trades about 0.0 of its potential returns per unit of risk. Beamr Imaging Ltd is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest  365.00  in Beamr Imaging Ltd on September 28, 2024 and sell it today you would earn a total of  42.00  from holding Beamr Imaging Ltd or generate 11.51% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Insignificant
Accuracy	82.03%
Values	Daily Returns

Getaround  vs.  Beamr Imaging Ltd

Getaround

Risk-Adjusted Performance

0 of 100

Very Weak

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

Beamr Imaging

Risk-Adjusted Performance

3 of 100

Very Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Beamr Imaging Ltd are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. Even with relatively fragile primary indicators, Beamr Imaging reported solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Getaround and Beamr Imaging

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

The idea behind Getaround and Beamr Imaging Ltd 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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..