Correlation Between Corsair Gaming and Identiv
Can any of the company-specific risk be diversified away by investing in both Corsair Gaming and Identiv 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 Corsair Gaming and Identiv into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Corsair Gaming and Identiv, you can compare the effects of market volatilities on Corsair Gaming 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 Corsair Gaming with a short position of Identiv. Check out your portfolio center. Please also check ongoing floating volatility patterns of Corsair Gaming and Identiv.
Diversification Opportunities for Corsair Gaming and Identiv
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Corsair and Identiv is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Corsair Gaming and Identiv in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Identiv and Corsair Gaming 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 Corsair Gaming 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 Corsair Gaming i.e., Corsair Gaming and Identiv go up and down completely randomly.
Pair Corralation between Corsair Gaming and Identiv
Assuming the 90 days horizon Corsair Gaming is expected to generate 1.96 times more return on investment than Identiv. However, Corsair Gaming is 1.96 times more volatile than Identiv. It trades about 0.16 of its potential returns per unit of risk. Identiv is currently generating about 0.15 per unit of risk. If you would invest 612.00 in Corsair Gaming on August 30, 2024 and sell it today you would earn a total of 118.00 from holding Corsair Gaming or generate 19.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Corsair Gaming vs. Identiv
Performance |
| Timeline |
| Corsair Gaming |
| Identiv |
Corsair Gaming and Identiv Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Corsair Gaming and Identiv
The main advantage of trading using opposite Corsair Gaming and Identiv positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Corsair Gaming 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.| Corsair Gaming vs. SEIKO EPSON PADR | Corsair Gaming vs. Superior Plus Corp | Corsair Gaming vs. SIVERS SEMICONDUCTORS AB | Corsair Gaming vs. Talanx AG |
| Identiv vs. Corsair Gaming | Identiv vs. SENECA FOODS A | Identiv vs. Tyson Foods | Identiv vs. MYFAIR GOLD P |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |