Correlation Between Phunware and Dow Jones
Can any of the company-specific risk be diversified away by investing in both Phunware and Dow Jones 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 Phunware and Dow Jones into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Phunware and Dow Jones Industrial, you can compare the effects of market volatilities on Phunware and Dow Jones 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 Phunware with a short position of Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of Phunware and Dow Jones.
Diversification Opportunities for Phunware and Dow Jones
Significant diversification
The 3 months correlation between Phunware and Dow is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Phunware and Dow Jones Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dow Jones Industrial and Phunware 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 Phunware are associated (or correlated) with Dow Jones. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dow Jones Industrial has no effect on the direction of Phunware i.e., Phunware and Dow Jones go up and down completely randomly.
Pair Corralation between Phunware and Dow Jones
Given the investment horizon of 90 days Phunware is expected to under-perform the Dow Jones. In addition to that, Phunware is 5.29 times more volatile than Dow Jones Industrial. It trades about -0.06 of its total potential returns per unit of risk. Dow Jones Industrial is currently generating about 0.09 per unit of volatility. If you would invest 4,501,029 in Dow Jones Industrial on July 23, 2025 and sell it today you would earn a total of 169,629 from holding Dow Jones Industrial or generate 3.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Phunware vs. Dow Jones Industrial
Performance |
| Timeline |
Phunware and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
Phunware
Pair trading matchups for Phunware
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with Phunware and Dow Jones
The main advantage of trading using opposite Phunware and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Phunware position performs unexpectedly, Dow Jones 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 Dow Jones will offset losses from the drop in Dow Jones' long position.| Phunware vs. KNOREX LTD | Phunware vs. Blackboxstocks | Phunware vs. Surgepays | Phunware vs. YXTCOM GROUP HOLDING |
| Dow Jones vs. YCQH Agricultural Technology | Dow Jones vs. Bridgford Foods | Dow Jones vs. Smithfield Foods, Common | Dow Jones vs. Rheon Automatic Machinery |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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