Correlation Between Expensify and Procore Technologies

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

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

Diversification Opportunities for Expensify and Procore Technologies

-0.62

Correlation Coefficient

Expensify  Procore Technologies

Excellent diversification

The 3 months correlation between Expensify and Procore is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Expensify and Procore Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Procore Technologies and Expensify 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 Expensify are associated (or correlated) with Procore Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Procore Technologies has no effect on the direction of Expensify i.e., Expensify and Procore Technologies go up and down completely randomly.

Pair Corralation between Expensify and Procore Technologies

Given the investment horizon of 90 days Expensify is expected to under-perform the Procore Technologies. In addition to that, Expensify is 2.12 times more volatile than Procore Technologies. It trades about -0.02 of its total potential returns per unit of risk. Procore Technologies is currently generating about 0.01 per unit of volatility. If you would invest  7,585  in Procore Technologies on April 20, 2025 and sell it today you would lose (172.00) from holding Procore Technologies or give up 2.27% of portfolio value over 90 days.

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

Expensify  vs.  Procore Technologies

Expensify

Risk-Adjusted Performance

Very Weak

Over the last 90 days Expensify has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unsteady performance in the last few months, the Stock's technical and fundamental indicators remain fairly strong which may send shares a bit higher in August 2025. The current disturbance may also be a sign of long term up-swing for the company investors.

Procore Technologies

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Procore Technologies are ranked lower than 17 (%) of all global equities and portfolios over the last 90 days. Even with relatively unfluctuating basic indicators, Procore Technologies reported solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Expensify and Procore Technologies

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

The idea behind Expensify and Procore Technologies 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 Equity Valuation module to check real value of public entities based on technical and fundamental data.