Correlation Between Ingen Technologies and GN Store
Can any of the company-specific risk be diversified away by investing in both Ingen Technologies and GN Store 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 Ingen Technologies and GN Store into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ingen Technologies and GN Store Nord, you can compare the effects of market volatilities on Ingen Technologies and GN Store 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 Ingen Technologies with a short position of GN Store. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ingen Technologies and GN Store.
Diversification Opportunities for Ingen Technologies and GN Store
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ingen and GGNDF is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ingen Technologies and GN Store Nord in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GN Store Nord and Ingen Technologies 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 Ingen Technologies are associated (or correlated) with GN Store. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GN Store Nord has no effect on the direction of Ingen Technologies i.e., Ingen Technologies and GN Store go up and down completely randomly.
Pair Corralation between Ingen Technologies and GN Store
Given the investment horizon of 90 days Ingen Technologies is expected to generate 39.34 times more return on investment than GN Store. However, Ingen Technologies is 39.34 times more volatile than GN Store Nord. It trades about 0.13 of its potential returns per unit of risk. GN Store Nord is currently generating about 0.0 per unit of risk. If you would invest 0.01 in Ingen Technologies on January 25, 2024 and sell it today you would lose (0.01) from holding Ingen Technologies or give up 100.0% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 99.8% |
Values | Daily Returns |
Ingen Technologies vs. GN Store Nord
Performance |
Timeline |
Ingen Technologies |
GN Store Nord |
Ingen Technologies and GN Store Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ingen Technologies and GN Store
The main advantage of trading using opposite Ingen Technologies and GN Store positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ingen Technologies position performs unexpectedly, GN Store 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 GN Store will offset losses from the drop in GN Store's long position.Ingen Technologies vs. Sonova Holding AG | Ingen Technologies vs. Medtronic PLC | Ingen Technologies vs. CONMED | Ingen Technologies vs. Glaukos Corp |
GN Store vs. Sonova Holding AG | GN Store vs. Medtronic PLC | GN Store vs. CONMED | GN Store vs. Glaukos Corp |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
Share Portfolio Track or share privately all of your investments from the convenience of any device | |
Stocks Directory Find actively traded stocks across global markets |