Correlation Between Kidoz and Cimpress
Can any of the company-specific risk be diversified away by investing in both Kidoz and Cimpress 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 Kidoz and Cimpress into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kidoz Inc and Cimpress NV, you can compare the effects of market volatilities on Kidoz and Cimpress 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 Kidoz with a short position of Cimpress. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kidoz and Cimpress.
Diversification Opportunities for Kidoz and Cimpress
Good diversification
The 3 months correlation between Kidoz and Cimpress is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Kidoz Inc and Cimpress NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cimpress NV and Kidoz 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 Kidoz Inc are associated (or correlated) with Cimpress. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cimpress NV has no effect on the direction of Kidoz i.e., Kidoz and Cimpress go up and down completely randomly.
Pair Corralation between Kidoz and Cimpress
Assuming the 90 days horizon Kidoz Inc is expected to generate 14.91 times more return on investment than Cimpress. However, Kidoz is 14.91 times more volatile than Cimpress NV. It trades about 0.1 of its potential returns per unit of risk. Cimpress NV is currently generating about 0.08 per unit of risk. If you would invest 22.00 in Kidoz Inc on July 9, 2024 and sell it today you would lose (7.00) from holding Kidoz Inc or give up 31.82% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Kidoz Inc vs. Cimpress NV
Performance |
Timeline |
Kidoz Inc |
Cimpress NV |
Kidoz and Cimpress Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kidoz and Cimpress
The main advantage of trading using opposite Kidoz and Cimpress positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kidoz position performs unexpectedly, Cimpress 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 Cimpress will offset losses from the drop in Cimpress' long position.Kidoz vs. INEO Tech Corp | Kidoz vs. Marchex | Kidoz vs. Snipp Interactive | Kidoz vs. Emerald Expositions Events |
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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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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