Correlation Between Freshworks and Clear Secure
Can any of the company-specific risk be diversified away by investing in both Freshworks and Clear Secure 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 Freshworks and Clear Secure into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Freshworks and Clear Secure, you can compare the effects of market volatilities on Freshworks and Clear Secure 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 Freshworks with a short position of Clear Secure. Check out your portfolio center. Please also check ongoing floating volatility patterns of Freshworks and Clear Secure.
Diversification Opportunities for Freshworks and Clear Secure
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Freshworks and Clear is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Freshworks and Clear Secure in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Clear Secure and Freshworks 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 Freshworks are associated (or correlated) with Clear Secure. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Clear Secure has no effect on the direction of Freshworks i.e., Freshworks and Clear Secure go up and down completely randomly.
Pair Corralation between Freshworks and Clear Secure
Given the investment horizon of 90 days Freshworks is expected to generate 1.14 times less return on investment than Clear Secure. In addition to that, Freshworks is 1.17 times more volatile than Clear Secure. It trades about 0.02 of its total potential returns per unit of risk. Clear Secure is currently generating about 0.02 per unit of volatility. If you would invest 2,642 in Clear Secure on March 28, 2025 and sell it today you would earn a total of 49.00 from holding Clear Secure or generate 1.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Freshworks vs. Clear Secure
Performance |
| Timeline |
| Freshworks |
| Clear Secure |
Freshworks and Clear Secure Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Freshworks and Clear Secure
The main advantage of trading using opposite Freshworks and Clear Secure positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Freshworks position performs unexpectedly, Clear Secure 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 Clear Secure will offset losses from the drop in Clear Secure's long position.| Freshworks vs. Braze Inc | Freshworks vs. Clearwater Analytics Holdings | Freshworks vs. CS Disco LLC | Freshworks vs. Expensify |
| Clear Secure vs. C3 Ai Inc | Clear Secure vs. Shopify Class A | Clear Secure vs. Workday | Clear Secure vs. Snowflake |
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 the Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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