Correlation Between 908 Devices and Advantex Marketing

Can any of the company-specific risk be diversified away by investing in both 908 Devices and Advantex Marketing 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 908 Devices and Advantex Marketing into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between 908 Devices and Advantex Marketing International, you can compare the effects of market volatilities on 908 Devices and Advantex Marketing 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 908 Devices with a short position of Advantex Marketing. Check out your portfolio center. Please also check ongoing floating volatility patterns of 908 Devices and Advantex Marketing.

Diversification Opportunities for 908 Devices and Advantex Marketing

0.0

Correlation Coefficient

908 Devices  Advantex Marketing

Pay attention - limited upside

The 3 months correlation between 908 and Advantex is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding 908 Devices and Advantex Marketing Internation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Advantex Marketing and 908 Devices 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 908 Devices are associated (or correlated) with Advantex Marketing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Advantex Marketing has no effect on the direction of 908 Devices i.e., 908 Devices and Advantex Marketing go up and down completely randomly.

Pair Corralation between 908 Devices and Advantex Marketing

If you would invest  564.00  in 908 Devices on September 8, 2025 and sell it today you would earn a total of  93.00  from holding 908 Devices or generate 16.49% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

908 Devices  vs.  Advantex Marketing Internation

908 Devices

Risk-Adjusted Performance

Mild

Compared to the overall equity markets, risk-adjusted returns on investments in 908 Devices are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively weak basic indicators, 908 Devices unveiled solid returns over the last few months and may actually be approaching a breakup point.

Advantex Marketing

Risk-Adjusted Performance

Weakest

Over the last 90 days Advantex Marketing International has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable primary indicators, Advantex Marketing is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

Pair Trading with 908 Devices and Advantex Marketing

The main advantage of trading using opposite 908 Devices and Advantex Marketing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 908 Devices position performs unexpectedly, Advantex Marketing 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 Advantex Marketing will offset losses from the drop in Advantex Marketing's long position.

The idea behind 908 Devices and Advantex Marketing International 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.