Correlation Between Mint Incorporation and Phunware

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

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

Diversification Opportunities for Mint Incorporation and Phunware

-0.31

Correlation Coefficient

Mint Incorporation  Phunware

Very good diversification

The 3 months correlation between Mint and Phunware is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Mint Incorp. Limited and Phunware in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Phunware and Mint Incorporation 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 Mint Incorporation Limited are associated (or correlated) with Phunware. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Phunware has no effect on the direction of Mint Incorporation i.e., Mint Incorporation and Phunware go up and down completely randomly.

Pair Corralation between Mint Incorporation and Phunware

Given the investment horizon of 90 days Mint Incorporation Limited is expected to generate 1.37 times more return on investment than Phunware. However, Mint Incorporation is 1.37 times more volatile than Phunware. It trades about 0.09 of its potential returns per unit of risk. Phunware is currently generating about -0.04 per unit of risk. If you would invest  451.00  in Mint Incorporation Limited on May 14, 2025 and sell it today you would earn a total of  115.00  from holding Mint Incorporation Limited or generate 25.5% return on investment over 90 days.

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

Mint Incorp. Limited  vs.  Phunware

Mint Incorporation

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Mint Incorporation Limited are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. Despite fairly fragile primary indicators, Mint Incorporation demonstrated solid returns over the last few months and may actually be approaching a breakup point.

Phunware

Risk-Adjusted Performance

Weakest

Over the last 90 days Phunware has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unfluctuating performance in the last few months, the Stock's basic indicators remain very healthy which may send shares a bit higher in September 2025. The recent disarray may also be a sign of long period up-swing for the firm investors.

Pair Trading with Mint Incorporation and Phunware

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

The idea behind Mint Incorporation Limited and Phunware 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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.