Correlation Between HWH International and Phunware
Can any of the company-specific risk be diversified away by investing in both HWH International and Phunware 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 HWH International and Phunware into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HWH International and Phunware, you can compare the effects of market volatilities on HWH International and Phunware 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 HWH International with a short position of Phunware. Check out your portfolio center. Please also check ongoing floating volatility patterns of HWH International and Phunware.
Diversification Opportunities for HWH International and Phunware
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HWH and Phunware is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding HWH International and Phunware in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Phunware and HWH International 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 HWH International are associated (or correlated) with Phunware. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Phunware has no effect on the direction of HWH International i.e., HWH International and Phunware go up and down completely randomly.
Pair Corralation between HWH International and Phunware
Considering the 90-day investment horizon HWH International is expected to generate 9.08 times more return on investment than Phunware. However, HWH International is 9.08 times more volatile than Phunware. It trades about 0.1 of its potential returns per unit of risk. Phunware is currently generating about -0.09 per unit of risk. If you would invest 145.00 in HWH International on July 20, 2025 and sell it today you would earn a total of 90.00 from holding HWH International or generate 62.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HWH International vs. Phunware
Performance |
| Timeline |
| HWH International |
| Phunware |
HWH International and Phunware Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HWH International and Phunware
The main advantage of trading using opposite HWH International and Phunware positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HWH International position performs unexpectedly, Phunware 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 Phunware will offset losses from the drop in Phunware's long position.| HWH International vs. CarsalesCom Ltd ADR | HWH International vs. Datatec Limited | HWH International vs. Pacific Online Limited | HWH International vs. Public Storage DEP |
| Phunware vs. Exela Technologies | Phunware vs. X3 Holdings Co | Phunware vs. AMTD Digital | Phunware vs. XTI Aerospace, |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |