Pair Correlation Between Digimarc and Altaba

This module allows you to analyze existing cross correlation between Digimarc Corporation and Altaba Inc. You can compare the effects of market volatilities on Digimarc and Altaba 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 Digimarc with a short position of Altaba. See also your portfolio center. Please also check ongoing floating volatility patterns of Digimarc and Altaba.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 Digimarc Corp.  vs   Altaba Inc.
 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Digimarc Corporation is expected to generate 2.13 times more return on investment than Altaba. However, Digimarc is 2.13 times more volatile than Altaba Inc. It trades about 0.28 of its potential returns per unit of risk. Altaba Inc is currently generating about 0.13 per unit of risk. If you would invest  3,230  in Digimarc Corporation on September 23, 2017 and sell it today you would earn a total of  440  from holding Digimarc Corporation or generate 13.62% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Digimarc and Altaba
0.67

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Digimarc

  
18 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Digimarc Corporation are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days.

Altaba Inc

  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Altaba Inc are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.