Correlation Between ICON Project and TMTG

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Can any of the company-specific risk be diversified away by investing in both ICON Project and TMTG 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 ICON Project and TMTG into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ICON Project and TMTG, you can compare the effects of market volatilities on ICON Project and TMTG 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 ICON Project with a short position of TMTG. Check out your portfolio center. Please also check ongoing floating volatility patterns of ICON Project and TMTG.

Diversification Opportunities for ICON Project and TMTG

0.0
  Correlation Coefficient

Pay attention - limited upside

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

Pair Corralation between ICON Project and TMTG

If you would invest  17.00  in ICON Project on December 29, 2023 and sell it today you would earn a total of  17.00  from holding ICON Project or generate 100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.79%
ValuesDaily Returns

ICON Project  vs.  TMTG

 Performance 
       Timeline  
ICON Project 

Risk-Adjusted Performance

8 of 100

 
Low
 
High
OK
Compared to the overall equity markets, risk-adjusted returns on investments in ICON Project are ranked lower than 8 (%) of all global equities and portfolios over the last 90 days. In spite of rather unsteady basic indicators, ICON Project exhibited solid returns over the last few months and may actually be approaching a breakup point.
TMTG 

Risk-Adjusted Performance

0 of 100

 
Low
 
High
Very Weak
Over the last 90 days TMTG has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound basic indicators, TMTG is not utilizing all of its potentials. The latest stock price tumult, may contribute to shorter-term losses for the shareholders.

ICON Project and TMTG Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with ICON Project and TMTG

The main advantage of trading using opposite ICON Project and TMTG positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ICON Project position performs unexpectedly, TMTG 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 TMTG will offset losses from the drop in TMTG's long position.
The idea behind ICON Project and TMTG 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.
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..

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