Correlation Analysis Between Digimarc and Altaba

This module allows you to analyze existing cross correlation between Digimarc Corporation and Altaba. 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.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

Digimarc  
29

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Digimarc Corporation are ranked lower than 29 (%) of all global equities and portfolios over the last 30 days.
Altaba  
14

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Altaba are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.

Digimarc and Altaba Volatility Contrast

 Predicted Return Density 
      Returns 

Digimarc Corp.  vs.  Altaba Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Digimarc Corporation is expected to generate 2.2 times more return on investment than Altaba. However, Digimarc is 2.2 times more volatile than Altaba. It trades about 0.44 of its potential returns per unit of risk. Altaba is currently generating about 0.22 per unit of risk. If you would invest  1,876  in Digimarc Corporation on February 23, 2019 and sell it today you would earn a total of  1,403  from holding Digimarc Corporation or generate 74.79% return on investment over 30 days.

Pair Corralation between Digimarc and Altaba

0.92
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Digimarc and Altaba

Digimarc Corp. diversification synergy

Almost no 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 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 has no effect on the direction of Digimarc i.e. Digimarc and Altaba go up and down completely randomly.

Thematic Opportunities

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