Correlation Between EzFill Holdings and Beamr Imaging

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

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

Diversification Opportunities for EzFill Holdings and Beamr Imaging

0.5

Correlation Coefficient

EzFill Holdings  Beamr Imaging

Very weak diversification

The 3 months correlation between EzFill and Beamr is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding EzFill Holdings and Beamr Imaging Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beamr Imaging and EzFill Holdings 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 EzFill Holdings are associated (or correlated) with Beamr Imaging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beamr Imaging has no effect on the direction of EzFill Holdings i.e., EzFill Holdings and Beamr Imaging go up and down completely randomly.

Pair Corralation between EzFill Holdings and Beamr Imaging

Given the investment horizon of 90 days EzFill Holdings is expected to under-perform the Beamr Imaging. In addition to that, EzFill Holdings is 1.07 times more volatile than Beamr Imaging Ltd. It trades about -0.05 of its total potential returns per unit of risk. Beamr Imaging Ltd is currently generating about -0.03 per unit of volatility. If you would invest  348.00  in Beamr Imaging Ltd on August 30, 2024 and sell it today you would lose (43.00) from holding Beamr Imaging Ltd or give up 12.36% of portfolio value over 90 days.

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

EzFill Holdings  vs.  Beamr Imaging Ltd

EzFill Holdings

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days EzFill Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. Despite conflicting performance in the last few months, the Stock's technical and fundamental indicators remain quite persistent which may send shares a bit higher in December 2024. The latest mess may also be a sign of long-standing up-swing for the company institutional investors.

Beamr Imaging

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Beamr Imaging Ltd has generated negative risk-adjusted returns adding no value to investors with long positions. Even with latest unfluctuating performance, the Stock's primary indicators remain invariable and the latest agitation on Wall Street may also be a sign of long-running gains for the enterprise retail investors.

Pair Trading with EzFill Holdings and Beamr Imaging

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

The idea behind EzFill Holdings and Beamr Imaging Ltd 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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.