Correlation Between Ault Global and Digimarc
Can any of the company-specific risk be diversified away by investing in both Ault Global and Digimarc 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 Ault Global and Digimarc into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ault Global Holdings and Digimarc, you can compare the effects of market volatilities on Ault Global and Digimarc 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 Ault Global with a short position of Digimarc. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ault Global and Digimarc.
Diversification Opportunities for Ault Global and Digimarc
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ault and Digimarc is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ault Global Holdings and Digimarc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Digimarc and Ault Global 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 Ault Global Holdings are associated (or correlated) with Digimarc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Digimarc has no effect on the direction of Ault Global i.e., Ault Global and Digimarc go up and down completely randomly.
Pair Corralation between Ault Global and Digimarc
If you would invest (100.00) in Ault Global Holdings on January 26, 2024 and sell it today you would earn a total of 100.00 from holding Ault Global Holdings 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 |
Ault Global Holdings vs. Digimarc
Performance |
| Timeline |
| Ault Global Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Digimarc |
Ault Global and Digimarc Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ault Global and Digimarc
The main advantage of trading using opposite Ault Global and Digimarc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ault Global position performs unexpectedly, Digimarc 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 Digimarc will offset losses from the drop in Digimarc's long position.| Ault Global vs. Minerals Technologies | Ault Global vs. Transphorm Technology | Ault Global vs. The Cheesecake Factory | Ault Global vs. Texas Roadhouse |
| Digimarc vs. Infosys Ltd ADR | Digimarc vs. Cognizant Technology Solutions | Digimarc vs. Fidelity National Information | Digimarc vs. Jack Henry Associates |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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