Correlation Between Presto Automation and Beamr Imaging

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

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

Diversification Opportunities for Presto Automation and Beamr Imaging

0.0

Correlation Coefficient

Presto Automation  Beamr Imaging

Pay attention - limited upside

The 3 months correlation between Presto and Beamr is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Presto Automation and Beamr Imaging Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beamr Imaging and Presto Automation 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 Presto Automation 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 Presto Automation i.e., Presto Automation and Beamr Imaging go up and down completely randomly.

Pair Corralation between Presto Automation and Beamr Imaging

If you would invest (100.00) in Presto Automation on November 28, 2024 and sell it today you would earn a total of  100.00  from holding Presto Automation 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

Presto Automation  vs.  Beamr Imaging Ltd

Presto Automation

Risk-Adjusted Performance

Very Weak

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

Beamr Imaging

Risk-Adjusted Performance

Very Weak

Over the last 90 days Beamr Imaging Ltd has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable primary indicators, Beamr Imaging 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 Presto Automation and Beamr Imaging

The main advantage of trading using opposite Presto Automation and Beamr Imaging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Presto Automation 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 Presto Automation 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.

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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.