Correlation Between Impinj and Immofinanz
Can any of the company-specific risk be diversified away by investing in both Impinj and Immofinanz 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 Immofinanz into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Impinj Inc and Immofinanz AG, you can compare the effects of market volatilities on Impinj and Immofinanz 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 Immofinanz. Check out your portfolio center. Please also check ongoing floating volatility patterns of Impinj and Immofinanz.
Diversification Opportunities for Impinj and Immofinanz
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Impinj and Immofinanz is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Impinj Inc and Immofinanz AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Immofinanz AG 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 Immofinanz. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Immofinanz AG has no effect on the direction of Impinj i.e., Impinj and Immofinanz go up and down completely randomly.
Pair Corralation between Impinj and Immofinanz
Assuming the 90 days horizon Impinj is expected to generate 1.17 times less return on investment than Immofinanz. In addition to that, Impinj is 1.92 times more volatile than Immofinanz AG. It trades about 0.07 of its total potential returns per unit of risk. Immofinanz AG is currently generating about 0.15 per unit of volatility. If you would invest 1,500 in Immofinanz AG on September 1, 2024 and sell it today you would earn a total of 78.00 from holding Immofinanz AG or generate 5.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Impinj Inc vs. Immofinanz AG
Performance |
| Timeline |
| Impinj Inc |
| Immofinanz AG |
Impinj and Immofinanz Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Impinj and Immofinanz
The main advantage of trading using opposite Impinj and Immofinanz positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Impinj position performs unexpectedly, Immofinanz 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 Immofinanz will offset losses from the drop in Immofinanz's long position.| Impinj vs. MAVEN WIRELESS SWEDEN | Impinj vs. POWER METALS | Impinj vs. SOFI TECHNOLOGIES | Impinj vs. ARDAGH METAL PACDL 0001 |
| Immofinanz vs. OPEN HOUSE GROUP | Immofinanz vs. Superior Plus Corp | Immofinanz vs. NMI Holdings | Immofinanz vs. Origin Agritech |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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