Correlation Between Smith Micro and Viant Technology
Can any of the company-specific risk be diversified away by investing in both Smith Micro and Viant Technology 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 Smith Micro and Viant Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Smith Micro Software and Viant Technology, you can compare the effects of market volatilities on Smith Micro and Viant Technology 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 Smith Micro with a short position of Viant Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Smith Micro and Viant Technology.
Diversification Opportunities for Smith Micro and Viant Technology
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Smith and Viant is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Smith Micro Software and Viant Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Viant Technology and Smith Micro 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 Smith Micro Software are associated (or correlated) with Viant Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Viant Technology has no effect on the direction of Smith Micro i.e., Smith Micro and Viant Technology go up and down completely randomly.
Pair Corralation between Smith Micro and Viant Technology
Given the investment horizon of 90 days Smith Micro Software is expected to under-perform the Viant Technology. In addition to that, Smith Micro is 1.19 times more volatile than Viant Technology. It trades about -0.04 of its total potential returns per unit of risk. Viant Technology is currently generating about 0.03 per unit of volatility. If you would invest 1,017 in Viant Technology on August 31, 2025 and sell it today you would earn a total of 29.00 from holding Viant Technology or generate 2.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Smith Micro Software vs. Viant Technology
Performance |
| Timeline |
| Smith Micro Software |
| Viant Technology |
Smith Micro and Viant Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Smith Micro and Viant Technology
The main advantage of trading using opposite Smith Micro and Viant Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Smith Micro position performs unexpectedly, Viant Technology 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 Viant Technology will offset losses from the drop in Viant Technology's long position.| Smith Micro vs. Unity Software | Smith Micro vs. Blackline | Smith Micro vs. Dynatrace Holdings LLC | Smith Micro vs. DoubleVerify Holdings |
| Viant Technology vs. Nok Airlines Public | Viant Technology vs. IDP Education Limited | Viant Technology vs. Laureate Education | Viant Technology vs. Southwest Airlines |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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