Correlation Between Bill Holdings and Doubleverify Holdings

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Can any of the company-specific risk be diversified away by investing in both Bill Holdings and Doubleverify Holdings 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 Bill Holdings and Doubleverify Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bill Holdings and Doubleverify Holdings, you can compare the effects of market volatilities on Bill Holdings and Doubleverify Holdings 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 Bill Holdings with a short position of Doubleverify Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bill Holdings and Doubleverify Holdings.

Diversification Opportunities for Bill Holdings and Doubleverify Holdings

0.66
  Correlation Coefficient

Poor diversification

The 3 months correlation between Bill Holdings and Doubleverify is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Bill Holdings and Doubleverify Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Doubleverify Holdings and Bill 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 Bill Holdings are associated (or correlated) with Doubleverify Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Doubleverify Holdings has no effect on the direction of Bill Holdings i.e., Bill Holdings and Doubleverify Holdings go up and down completely randomly.

Pair Corralation between Bill Holdings and Doubleverify Holdings

Given the investment horizon of 90 days Bill Holdings is expected to generate 1.39 times more return on investment than Doubleverify Holdings. However, Bill Holdings is 1.39 times more volatile than Doubleverify Holdings. It trades about 0.03 of its potential returns per unit of risk. Doubleverify Holdings is currently generating about 0.0 per unit of risk. If you would invest  11,594  in Bill Holdings on July 9, 2022 and sell it today you would earn a total of  3,238  from holding Bill Holdings or generate 27.93% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy74.6%
ValuesDaily Returns

Bill Holdings  vs.  Doubleverify Holdings

 Performance (%) 
       Timeline  
Bill Holdings 
Bill Holdings Performance
5 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Bill Holdings are ranked lower than 5 (%) of all global equities and portfolios over the last 90 days. Even with relatively unsteady essential indicators, Bill Holdings revealed solid returns over the last few months and may actually be approaching a breakup point.

Bill Holdings Price Channel

Doubleverify Holdings 
Doubleverify Performance
10 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Doubleverify Holdings are ranked lower than 10 (%) of all global equities and portfolios over the last 90 days. In spite of fairly uncertain basic indicators, Doubleverify Holdings showed solid returns over the last few months and may actually be approaching a breakup point.

Doubleverify Price Channel

Bill Holdings and Doubleverify Holdings Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Bill Holdings and Doubleverify Holdings

The main advantage of trading using opposite Bill Holdings and Doubleverify Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bill Holdings position performs unexpectedly, Doubleverify Holdings 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 Doubleverify Holdings will offset losses from the drop in Doubleverify Holdings' long position.
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The idea behind Bill Holdings and Doubleverify Holdings 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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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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.

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