Correlation Between Cap ISR and Identiv
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By analyzing existing cross correlation between Cap ISR Actions and Identiv, you can compare the effects of market volatilities on Cap ISR and Identiv 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 Cap ISR with a short position of Identiv. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cap ISR and Identiv.
Diversification Opportunities for Cap ISR and Identiv
Excellent diversification
The 3 months correlation between Cap and Identiv is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Cap ISR Actions and Identiv in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Identiv and Cap ISR 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 Cap ISR Actions are associated (or correlated) with Identiv. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Identiv has no effect on the direction of Cap ISR i.e., Cap ISR and Identiv go up and down completely randomly.
Pair Corralation between Cap ISR and Identiv
Assuming the 90 days trading horizon Cap ISR Actions is expected to under-perform the Identiv. But the fund apears to be less risky and, when comparing its historical volatility, Cap ISR Actions is 4.37 times less risky than Identiv. The fund trades about -0.16 of its potential returns per unit of risk. The Identiv is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 322.00 in Identiv on August 29, 2024 and sell it today you would earn a total of 52.00 from holding Identiv or generate 16.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cap ISR Actions vs. Identiv
Performance |
| Timeline |
| Cap ISR Actions |
| Identiv |
Cap ISR and Identiv Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cap ISR and Identiv
The main advantage of trading using opposite Cap ISR and Identiv positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cap ISR position performs unexpectedly, Identiv 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 Identiv will offset losses from the drop in Identiv's long position.| Cap ISR vs. Renaissance Europe C | Cap ISR vs. Superior Plus Corp | Cap ISR vs. Origin Agritech | Cap ISR vs. Identiv |
| Identiv vs. NIPPON STEEL SPADR | Identiv vs. GFL ENVIRONM | Identiv vs. RELIANCE STEEL AL | Identiv vs. United States Steel |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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