Correlation Between PBTS Old and Beamr Imaging

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

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

Diversification Opportunities for PBTS Old and Beamr Imaging

-0.61

Correlation Coefficient

PBTS Old  Beamr Imaging

Excellent diversification

The 3 months correlation between PBTS and Beamr is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding PBTS Old and Beamr Imaging Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beamr Imaging and PBTS Old 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 PBTS Old 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 PBTS Old i.e., PBTS Old and Beamr Imaging go up and down completely randomly.

Pair Corralation between PBTS Old and Beamr Imaging

If you would invest  377.00  in Beamr Imaging Ltd on October 13, 2024 and sell it today you would earn a total of  11.00  from holding Beamr Imaging Ltd or generate 2.92% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Weak
Accuracy	5.26%
Values	Daily Returns

PBTS Old  vs.  Beamr Imaging Ltd

PBTS Old

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days PBTS Old has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable basic indicators, PBTS Old is not utilizing all of its potentials. The current stock price uproar, may contribute to short-horizon losses for the private investors.

Beamr Imaging

Risk-Adjusted Performance

4 of 100

Insignificant

Compared to the overall equity markets, risk-adjusted returns on investments in Beamr Imaging Ltd are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. Even with relatively weak primary indicators, Beamr Imaging reported solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with PBTS Old and Beamr Imaging

The main advantage of trading using opposite PBTS Old and Beamr Imaging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PBTS Old 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 PBTS Old 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.