Correlation Between Nice and Procore Technologies

Can any of the company-specific risk be diversified away by investing in both Nice and Procore Technologies 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 Nice and Procore Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Nice Ltd ADR and Procore Technologies, you can compare the effects of market volatilities on Nice and Procore Technologies 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 Nice with a short position of Procore Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nice and Procore Technologies.

Diversification Opportunities for Nice and Procore Technologies

0.0

Correlation Coefficient

Nice  Procore Technologies

Pay attention - limited upside

The 3 months correlation between Nice and Procore is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nice Ltd ADR and Procore Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Procore Technologies and Nice 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 Nice Ltd ADR are associated (or correlated) with Procore Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Procore Technologies has no effect on the direction of Nice i.e., Nice and Procore Technologies go up and down completely randomly.

Pair Corralation between Nice and Procore Technologies

If you would invest  6,537  in Procore Technologies on August 26, 2025 and sell it today you would earn a total of  680.00  from holding Procore Technologies or generate 10.4% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

Nice Ltd ADR  vs.  Procore Technologies

Nice Ltd ADR

Risk-Adjusted Performance

Weakest

Over the last 90 days Nice Ltd ADR has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound fundamental indicators, Nice is not utilizing all of its potentials. The current stock price tumult, may contribute to shorter-term losses for the shareholders.

Procore Technologies

Risk-Adjusted Performance

Mild

Compared to the overall equity markets, risk-adjusted returns on investments in Procore Technologies are ranked lower than 5 (%) of all global equities and portfolios over the last 90 days. Even with relatively unfluctuating basic indicators, Procore Technologies may actually be approaching a critical reversion point that can send shares even higher in December 2025.

Pair Trading with Nice and Procore Technologies

The main advantage of trading using opposite Nice and Procore Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nice position performs unexpectedly, Procore Technologies 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 Procore Technologies will offset losses from the drop in Procore Technologies' long position.

The idea behind Nice Ltd ADR and Procore Technologies 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.

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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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.