Correlation Between Cantalope and Asure Software

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

Diversification Opportunities for Cantalope and Asure Software

0.15
  Correlation Coefficient

Average diversification

The 3 months correlation between Cantalope and Asure is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Cantalope and Asure Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asure Software and Cantalope 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 Cantalope are associated (or correlated) with Asure Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asure Software has no effect on the direction of Cantalope i.e., Cantalope and Asure Software go up and down completely randomly.

Pair Corralation between Cantalope and Asure Software

Given the investment horizon of 90 days Cantalope is expected to under-perform the Asure Software. In addition to that, Cantalope is 1.25 times more volatile than Asure Software. It trades about -0.55 of its total potential returns per unit of risk. Asure Software is currently generating about 0.03 per unit of volatility. If you would invest  519.00  in Asure Software on July 8, 2022 and sell it today you would earn a total of  6.00  from holding Asure Software or generate 1.16% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Cantalope  vs.  Asure Software

 Performance (%) 
       Timeline  
Cantalope 
Cantalope Performance
0 of 100
Over the last 90 days Cantalope has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fragile performance in the last few months, the Stock's essential indicators remain very healthy which may send shares a bit higher in November 2022. The recent disarray may also be a sign of long period up-swing for the firm insiders.

Cantalope Price Channel

Asure Software 
Asure Performance
0 of 100
Over the last 90 days Asure Software has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable basic indicators, Asure Software is not utilizing all of its potentials. The latest stock price agitation, may contribute to short-term losses for the retail investors.

Asure Price Channel

Cantalope and Asure Software Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Cantalope and Asure Software

The main advantage of trading using opposite Cantalope and Asure Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cantalope position performs unexpectedly, Asure Software 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 Asure Software will offset losses from the drop in Asure Software's long position.
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The idea behind Cantalope and Asure Software 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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.

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