Correlation Between Workday and Glimpse
Can any of the company-specific risk be diversified away by investing in both Workday and Glimpse 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 Workday and Glimpse into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Workday and Glimpse Group, you can compare the effects of market volatilities on Workday and Glimpse 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 Workday with a short position of Glimpse. Check out your portfolio center. Please also check ongoing floating volatility patterns of Workday and Glimpse.
Diversification Opportunities for Workday and Glimpse
Poor diversification
The 3 months correlation between Workday and Glimpse is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Workday and Glimpse Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Glimpse Group and Workday 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 Workday are associated (or correlated) with Glimpse. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Glimpse Group has no effect on the direction of Workday i.e., Workday and Glimpse go up and down completely randomly.
Pair Corralation between Workday and Glimpse
Given the investment horizon of 90 days Workday is expected to generate 1.73 times less return on investment than Glimpse. But when comparing it to its historical volatility, Workday is 2.61 times less risky than Glimpse. It trades about 0.04 of its potential returns per unit of risk. Glimpse Group is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 160.00 in Glimpse Group on July 24, 2025 and sell it today you would lose (1.00) from holding Glimpse Group or give up 0.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Workday vs. Glimpse Group
Performance |
| Timeline |
| Workday |
| Glimpse Group |
Workday and Glimpse Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Workday and Glimpse
The main advantage of trading using opposite Workday and Glimpse positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Workday position performs unexpectedly, Glimpse 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 Glimpse will offset losses from the drop in Glimpse's long position.The idea behind Workday and Glimpse Group 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.| Glimpse vs. authID Inc | Glimpse vs. U BX Technology Ltd | Glimpse vs. The GrowHub Limited | Glimpse vs. Katapult Holdings |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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