Correlation Between GLG LIFE and Impinj
Can any of the company-specific risk be diversified away by investing in both GLG LIFE and Impinj 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 GLG LIFE and Impinj into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GLG LIFE TECH and Impinj Inc, you can compare the effects of market volatilities on GLG LIFE and Impinj 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 GLG LIFE with a short position of Impinj. Check out your portfolio center. Please also check ongoing floating volatility patterns of GLG LIFE and Impinj.
Diversification Opportunities for GLG LIFE and Impinj
Pay attention - limited upside
The 3 months correlation between GLG and Impinj is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GLG LIFE TECH and Impinj Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Impinj Inc and GLG LIFE 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 GLG LIFE TECH are associated (or correlated) with Impinj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Impinj Inc has no effect on the direction of GLG LIFE i.e., GLG LIFE and Impinj go up and down completely randomly.
Pair Corralation between GLG LIFE and Impinj
If you would invest 2.00 in GLG LIFE TECH on November 22, 2024 and sell it today you would earn a total of 0.00 from holding GLG LIFE TECH or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
GLG LIFE TECH vs. Impinj Inc
Performance |
| Timeline |
| GLG LIFE TECH |
| Impinj Inc |
GLG LIFE and Impinj Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GLG LIFE and Impinj
The main advantage of trading using opposite GLG LIFE and Impinj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GLG LIFE position performs unexpectedly, Impinj 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 Impinj will offset losses from the drop in Impinj's long position.| GLG LIFE vs. USU Software AG | GLG LIFE vs. Platinum Investment Management | GLG LIFE vs. Perdoceo Education | GLG LIFE vs. SMA Solar Technology |
| Impinj vs. NIGHTINGALE HEALTH EO | Impinj vs. RESONANCE HEALTH | Impinj vs. BOS BETTER ONLINE | Impinj vs. COMM HEALTH SYSTEMS |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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