Correlation Between Impinj and AXMIN
Can any of the company-specific risk be diversified away by investing in both Impinj and AXMIN 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 Impinj and AXMIN into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Impinj Inc and AXMIN Inc, you can compare the effects of market volatilities on Impinj and AXMIN 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 Impinj with a short position of AXMIN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Impinj and AXMIN.
Diversification Opportunities for Impinj and AXMIN
Pay attention - limited upside
The 3 months correlation between Impinj and AXMIN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Impinj Inc and AXMIN Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AXMIN Inc and Impinj 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 Impinj Inc are associated (or correlated) with AXMIN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AXMIN Inc has no effect on the direction of Impinj i.e., Impinj and AXMIN go up and down completely randomly.
Pair Corralation between Impinj and AXMIN
If you would invest 14,390 in Impinj Inc on September 3, 2024 and sell it today you would earn a total of 3,550 from holding Impinj Inc or generate 24.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.46% |
| Values | Daily Returns |
Impinj Inc vs. AXMIN Inc
Performance |
| Timeline |
| Impinj Inc |
| AXMIN Inc |
Impinj and AXMIN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Impinj and AXMIN
The main advantage of trading using opposite Impinj and AXMIN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Impinj position performs unexpectedly, AXMIN 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 AXMIN will offset losses from the drop in AXMIN's long position.| Impinj vs. CSSC Offshore Marine | Impinj vs. COSMOSTEEL HLDGS | Impinj vs. CosmoSteel Holdings Limited | Impinj vs. RELIANCE STEEL AL |
| AXMIN vs. Canadian Utilities Limited | AXMIN vs. National Bank Holdings | AXMIN vs. PT Bank Maybank | AXMIN vs. Webster Financial |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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