Correlation Between Agora and Firefly Neuroscience,

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

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

Diversification Opportunities for Agora and Firefly Neuroscience,

-0.54

Correlation Coefficient

Agora  Firefly Neuroscience,

Excellent diversification

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

Pair Corralation between Agora and Firefly Neuroscience,

Considering the 90-day investment horizon Agora Inc is expected to generate 1.49 times more return on investment than Firefly Neuroscience,. However, Agora is 1.49 times more volatile than Firefly Neuroscience,. It trades about 0.16 of its potential returns per unit of risk. Firefly Neuroscience, is currently generating about 0.01 per unit of risk. If you would invest  198.00  in Agora Inc on September 13, 2024 and sell it today you would earn a total of  327.00  from holding Agora Inc or generate 165.15% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Very Weak
Accuracy	98.44%
Values	Daily Returns

Agora Inc  vs.  Firefly Neuroscience,

Agora Inc

Risk-Adjusted Performance

12 of 100

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Agora Inc are ranked lower than 12 (%) of all global equities and portfolios over the last 90 days. Despite fairly unsteady basic indicators, Agora demonstrated solid returns over the last few months and may actually be approaching a breakup point.

Firefly Neuroscience,

Risk-Adjusted Performance

0 of 100

Very Weak

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

Pair Trading with Agora and Firefly Neuroscience,

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

The idea behind Agora Inc and Firefly Neuroscience, 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 Commodity Directory module to find actively traded commodities issued by global exchanges.