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 GNNDY 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
If you would invest 4,747 in GN Store Nord on January 26, 2024 and sell it today you would earn a total of 3,080 from holding GN Store Nord or generate 64.88% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 99.18% |
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. Medtronic PLC | Ingen Technologies vs. CONMED | Ingen Technologies vs. Glaukos Corp | Ingen Technologies vs. Integer Holdings Corp |
GN Store vs. Medtronic PLC | GN Store vs. CONMED | GN Store vs. Glaukos Corp | GN Store vs. Integer Holdings 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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