Correlation Between Asure Software and Cowen
Can any of the company-specific risk be diversified away by investing in both Asure Software and Cowen 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 Asure Software and Cowen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Asure Software and Cowen Group, you can compare the effects of market volatilities on Asure Software and Cowen 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 Asure Software with a short position of Cowen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Asure Software and Cowen.
Diversification Opportunities for Asure Software and Cowen
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Asure and Cowen is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Asure Software and Cowen Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cowen Group and Asure Software 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 Asure Software are associated (or correlated) with Cowen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cowen Group has no effect on the direction of Asure Software i.e., Asure Software and Cowen go up and down completely randomly.
Pair Corralation between Asure Software and Cowen
If you would invest 876.00 in Asure Software on September 26, 2024 and sell it today you would earn a total of 34.00 from holding Asure Software or generate 3.88% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 0.32% |
Values | Daily Returns |
Asure Software vs. Cowen Group
Performance |
Timeline |
Asure Software |
Cowen Group |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Asure Software and Cowen Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Asure Software and Cowen
The main advantage of trading using opposite Asure Software and Cowen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Asure Software position performs unexpectedly, Cowen 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 Cowen will offset losses from the drop in Cowen's long position.Asure Software vs. Dubber Limited | Asure Software vs. Advanced Health Intelligence | Asure Software vs. Danavation Technologies Corp | Asure Software vs. BASE Inc |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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