Correlation Between Atlassian Cls and SSC Technologies

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Atlassian Cls and SSC Technologies 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 Atlassian Cls and SSC Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Atlassian Cls A and SSC Technologies, you can compare the effects of market volatilities on Atlassian Cls and SSC Technologies 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 Atlassian Cls with a short position of SSC Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Atlassian Cls and SSC Technologies.

Diversification Opportunities for Atlassian Cls and SSC Technologies

0.92
  Correlation Coefficient

Almost no diversification

The 3 months correlation between Atlassian and SSC Technologies is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Atlassian Cls A and SSC Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SSC Technologies and Atlassian Cls 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 Atlassian Cls A are associated (or correlated) with SSC Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SSC Technologies has no effect on the direction of Atlassian Cls i.e., Atlassian Cls and SSC Technologies go up and down completely randomly.

Pair Corralation between Atlassian Cls and SSC Technologies

Given the investment horizon of 90 days Atlassian Cls A is expected to generate 2.67 times more return on investment than SSC Technologies. However, Atlassian Cls is 2.67 times more volatile than SSC Technologies. It trades about 0.09 of its potential returns per unit of risk. SSC Technologies is currently generating about -0.01 per unit of risk. If you would invest  18,335  in Atlassian Cls A on April 7, 2022 and sell it today you would earn a total of  2,504  from holding Atlassian Cls A or generate 13.66% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Strong
Accuracy97.5%
ValuesDaily Returns

Atlassian Cls A  vs.  SSC Technologies

 Performance (%) 
      Timeline 
Atlassian Cls A 
Atlassian Performance
0 of 100
Over the last 90 days Atlassian Cls A has generated negative risk-adjusted returns adding no value to investors with long positions. Even with weak performance in the last few months, the Stock's basic indicators remain relatively steady which may send shares a bit higher in August 2022. The new chaos may also be a sign of medium-term up-swing for the company stakeholders.

Atlassian Price Channel

SSC Technologies 
SSC Technologies Performance
0 of 100
Over the last 90 days SSC Technologies has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's basic indicators remain somewhat strong which may send shares a bit higher in August 2022. The current disturbance may also be a sign of long term up-swing for the company investors.

Structure and Payout Changes

Forward Annual Dividend Yield
0.0135
Payout Ratio
0.15
Last Split Factor
2:1
Forward Annual Dividend Rate
0.8
Dividend Date
2022-06-15
Ex Dividend Date
2022-05-31
Last Split Date
2016-06-27

SSC Technologies Price Channel

Atlassian Cls and SSC Technologies Volatility Contrast

 Predicted Return Density 
      Returns 

Pair Trading with Atlassian Cls and SSC Technologies

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

Atlassian Cls A

Pair trading matchups for Atlassian Cls

Purecycle Technologies vs. Atlassian Cls
Eastgroup Properties vs. Atlassian Cls
Erie Indemnity vs. Atlassian Cls
GM vs. Atlassian Cls
Ollies Bargain vs. Atlassian Cls
Freyr Battery vs. Atlassian Cls
ATT vs. Atlassian Cls
Penn Natl vs. Atlassian Cls
Ezcorp vs. Atlassian Cls
United Fire vs. Atlassian Cls
Halliburton vs. Atlassian Cls
MP Materials vs. Atlassian Cls
The effect of pair diversification on risk is to reduce it, but we should note this doesn't apply to all risk types. When we trade pairs against Atlassian Cls as a counterpart, there is always some inherent risk that will never be diversified away no matter what. This volatility limits the effect of tactical diversification using pair trading. Atlassian Cls' systematic risk is the inherent uncertainty of the entire market, and therefore cannot be mitigated even by pair-trading it against the equity that is not highly correlated to it. On the other hand, Atlassian Cls' unsystematic risk describes the types of risk that we can protect against, at least to some degree, by selecting a matching pair that is not perfectly correlated to Atlassian Cls A.
The idea behind Atlassian Cls A and SSC Technologies 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.

SSC Technologies

Pair trading matchups for SSC Technologies

Eastgroup Properties vs. SSC Technologies
Alpha Metallurgical vs. SSC Technologies
ATT vs. SSC Technologies
Twitter vs. SSC Technologies
Halliburton vs. SSC Technologies
Bancfirst Corp vs. SSC Technologies
Mandiant vs. SSC Technologies
Ollies Bargain vs. SSC Technologies
Freyr Battery vs. SSC Technologies
Occidental Petroleum vs. SSC Technologies
MP Materials vs. SSC Technologies
United Fire vs. SSC Technologies
The effect of pair diversification on risk is to reduce it, but we should note this doesn't apply to all risk types. When we trade pairs against SSC Technologies as a counterpart, there is always some inherent risk that will never be diversified away no matter what. This volatility limits the effect of tactical diversification using pair trading. SSC Technologies' systematic risk is the inherent uncertainty of the entire market, and therefore cannot be mitigated even by pair-trading it against the equity that is not highly correlated to it. On the other hand, SSC Technologies' unsystematic risk describes the types of risk that we can protect against, at least to some degree, by selecting a matching pair that is not perfectly correlated to SSC Technologies.
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 Commodity Channel Index module to use Commodity Channel Index to analyze current equity momentum.

Other Complementary Tools

Crypto Correlations
Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins
Go
Bond Analysis
Evaluate and analyze corporate bonds as a potential investment for your portfolios.
Go
Shere Portfolio
Track or share privately all of your investments from the convenience of any device
Go
Portfolio Suggestion
Get suggestions outside of your existing asset allocation including your own model portfolios
Go
Risk-Return Analysis
View associations between returns expected from investment and the risk you assume
Go
Content Syndication
Quickly integrate customizable finance content to your own investment portal
Go