Correlation Analysis Between Coupa Software and All Ords

This module allows you to analyze existing cross correlation between Coupa Software Incorporated and All Ords. You can compare the effects of market volatilities on Coupa Software and All Ords 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 Coupa Software with a short position of All Ords. See also your portfolio center. Please also check ongoing floating volatility patterns of Coupa Software and All Ords.
Horizon     30 Days    Login   to change
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Comparative Performance

 Predicted Return Density 
      Returns 

Coupa Software Incorporated  vs.  All Ords

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Coupa Software Incorporated is expected to generate 2.32 times more return on investment than All Ords. However, Coupa Software is 2.32 times more volatile than All Ords. It trades about 0.17 of its potential returns per unit of risk. All Ords is currently generating about -0.04 per unit of risk. If you would invest  12,039  in Coupa Software Incorporated on July 25, 2019 and sell it today you would earn a total of  1,979  from holding Coupa Software Incorporated or generate 16.44% return on investment over 30 days.

Pair Corralation between Coupa Software and All Ords

0.2
Time Period2 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy81.82%
ValuesDaily Returns

Diversification Opportunities for Coupa Software and All Ords

Coupa Software Incorporated diversification synergy

Modest diversification

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