Correlation Between Payoneer Global and MondayCom

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

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

Diversification Opportunities for Payoneer Global and MondayCom

0.54

Correlation Coefficient

Payoneer Global  MondayCom

Very weak diversification

The 3 months correlation between Payoneer and MondayCom is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Payoneer Global and MondayCom in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MondayCom and Payoneer Global 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 Payoneer Global are associated (or correlated) with MondayCom. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MondayCom has no effect on the direction of Payoneer Global i.e., Payoneer Global and MondayCom go up and down completely randomly.

Pair Corralation between Payoneer Global and MondayCom

Given the investment horizon of 90 days Payoneer Global is expected to generate 1.13 times more return on investment than MondayCom. However, Payoneer Global is 1.13 times more volatile than MondayCom. It trades about 0.03 of its potential returns per unit of risk. MondayCom is currently generating about -0.06 per unit of risk. If you would invest  616.00  in Payoneer Global on May 7, 2025 and sell it today you would earn a total of  19.00  from holding Payoneer Global or generate 3.08% return on investment over 90 days.

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

Payoneer Global  vs.  MondayCom

Payoneer Global

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Payoneer Global are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. In spite of very healthy basic indicators, Payoneer Global is not utilizing all of its potentials. The current stock price disarray, may contribute to short-term losses for the investors.

MondayCom

Risk-Adjusted Performance

Weakest

Over the last 90 days MondayCom has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest conflicting performance, the Stock's fundamental indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the company investors.

Pair Trading with Payoneer Global and MondayCom

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

The idea behind Payoneer Global and MondayCom 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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.