Correlation Between GetSwift Technologies and Two Hands
Can any of the company-specific risk be diversified away by investing in both GetSwift Technologies and Two Hands 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 GetSwift Technologies and Two Hands into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GetSwift Technologies Limited and Two Hands Corp, you can compare the effects of market volatilities on GetSwift Technologies and Two Hands 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 GetSwift Technologies with a short position of Two Hands. Check out your portfolio center. Please also check ongoing floating volatility patterns of GetSwift Technologies and Two Hands.
Diversification Opportunities for GetSwift Technologies and Two Hands
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GetSwift and Two is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GetSwift Technologies Limited and Two Hands Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Two Hands Corp and GetSwift Technologies 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 GetSwift Technologies Limited are associated (or correlated) with Two Hands. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Two Hands Corp has no effect on the direction of GetSwift Technologies i.e., GetSwift Technologies and Two Hands go up and down completely randomly.
Pair Corralation between GetSwift Technologies and Two Hands
If you would invest 0.12 in Two Hands Corp on December 2, 2024 and sell it today you would earn a total of 0.00 from holding Two Hands Corp or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
GetSwift Technologies Limited vs. Two Hands Corp
Performance |
Timeline |
GetSwift Technologies |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Two Hands Corp |
GetSwift Technologies and Two Hands Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with GetSwift Technologies and Two Hands
The main advantage of trading using opposite GetSwift Technologies and Two Hands positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GetSwift Technologies position performs unexpectedly, Two Hands 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 Two Hands will offset losses from the drop in Two Hands' long position.GetSwift Technologies vs. Westshore Terminals Investment | GetSwift Technologies vs. PennyMac Mortgage Investment | GetSwift Technologies vs. Alternative Investment | GetSwift Technologies vs. Aegon NV ADR |
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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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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