Correlation Between Ingen Technologies and MicroPort Scientific

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

Diversification Opportunities for Ingen Technologies and MicroPort Scientific

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  Correlation Coefficient

Pay attention - limited upside

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

Pair Corralation between Ingen Technologies and MicroPort Scientific

If you would invest (100.00) in MicroPort Scientific on December 30, 2023 and sell it today you would earn a total of  100.00  from holding MicroPort Scientific or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Ingen Technologies  vs.  MicroPort Scientific

 Performance 
       Timeline  
Ingen Technologies 

Risk-Adjusted Performance

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Over the last 90 days Ingen Technologies has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable basic indicators, Ingen Technologies is not utilizing all of its potentials. The recent stock price uproar, may contribute to short-horizon losses for the private investors.
MicroPort Scientific 

Risk-Adjusted Performance

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High
Very Weak
Over the last 90 days MicroPort Scientific has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, MicroPort Scientific is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

Ingen Technologies and MicroPort Scientific Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Ingen Technologies and MicroPort Scientific

The main advantage of trading using opposite Ingen Technologies and MicroPort Scientific positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ingen Technologies position performs unexpectedly, MicroPort Scientific 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 MicroPort Scientific will offset losses from the drop in MicroPort Scientific's long position.
The idea behind Ingen Technologies and MicroPort Scientific 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.

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