Correlation Between Workiva and Triller

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

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

Diversification Opportunities for Workiva and Triller

-0.53

Correlation Coefficient

Workiva  Triller

Excellent diversification

The 3 months correlation between Workiva and Triller is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Workiva and Triller Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Triller Group and Workiva 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 Workiva are associated (or correlated) with Triller. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Triller Group has no effect on the direction of Workiva i.e., Workiva and Triller go up and down completely randomly.

Pair Corralation between Workiva and Triller

Allowing for the 90-day total investment horizon Workiva is expected to generate 0.19 times more return on investment than Triller. However, Workiva is 5.4 times less risky than Triller. It trades about 0.47 of its potential returns per unit of risk. Triller Group is currently generating about 0.0 per unit of risk. If you would invest  7,853  in Workiva on September 26, 2024 and sell it today you would earn a total of  3,465  from holding Workiva or generate 44.12% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Very Weak
Accuracy	100.0%
Values	Daily Returns

Workiva  vs.  Triller Group

Workiva

Risk-Adjusted Performance

25 of 100

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Workiva are ranked lower than 25 (%) of all global equities and portfolios over the last 90 days. Despite quite fragile forward-looking signals, Workiva disclosed solid returns over the last few months and may actually be approaching a breakup point.

Triller Group

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Triller Group has generated negative risk-adjusted returns adding no value to investors with long positions. Even with uncertain performance in the last few months, the Stock's essential indicators remain relatively invariable which may send shares a bit higher in January 2025. The latest agitation may also be a sign of long-running up-swing for the enterprise retail investors.

Pair Trading with Workiva and Triller

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

The idea behind Workiva and Triller Group 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.