Correlation Between Cricut Inc and Blackline

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

Diversification Opportunities for Cricut Inc and Blackline

-0.51
  Correlation Coefficient

Excellent diversification

The 3 months correlation between Cricut and Blackline is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Cricut Inc Cl and Blackline in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blackline and Cricut Inc 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 Cricut Inc Cl are associated (or correlated) with Blackline. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blackline has no effect on the direction of Cricut Inc i.e., Cricut Inc and Blackline go up and down completely randomly.

Pair Corralation between Cricut Inc and Blackline

Given the investment horizon of 90 days Cricut Inc Cl is expected to generate 1.65 times more return on investment than Blackline. However, Cricut Inc is 1.65 times more volatile than Blackline. It trades about -0.01 of its potential returns per unit of risk. Blackline is currently generating about -0.03 per unit of risk. If you would invest  1,780  in Cricut Inc Cl on September 1, 2022 and sell it today you would lose (974.00)  from holding Cricut Inc Cl or give up 54.72% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthVery Weak
Accuracy85.71%
ValuesDaily Returns

Cricut Inc Cl  vs.  Blackline

 Performance (%) 
       Timeline  
Cricut Inc Cl 
Cricut Performance
7 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Cricut Inc Cl are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively unfluctuating fundamental indicators, Cricut Inc unveiled solid returns over the last few months and may actually be approaching a breakup point.

Cricut Price Channel

Blackline 
Blackline Performance
1 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Blackline are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. Even with relatively steady essential indicators, Blackline is not utilizing all of its potentials. The new stock price chaos, may contribute to medium-term losses for the stakeholders.

Blackline Price Channel

Cricut Inc and Blackline Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Cricut Inc and Blackline

The main advantage of trading using opposite Cricut Inc and Blackline positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cricut Inc position performs unexpectedly, Blackline 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 Blackline will offset losses from the drop in Blackline's long position.
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The idea behind Cricut Inc Cl and Blackline 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.

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