Correlation Between Gaztransport Technigaz and Impinj
Can any of the company-specific risk be diversified away by investing in both Gaztransport Technigaz 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 Gaztransport Technigaz and Impinj into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gaztransport Technigaz SA and Impinj Inc, you can compare the effects of market volatilities on Gaztransport Technigaz 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 Gaztransport Technigaz with a short position of Impinj. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gaztransport Technigaz and Impinj.
Diversification Opportunities for Gaztransport Technigaz and Impinj
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gaztransport and Impinj is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Gaztransport Technigaz SA and Impinj Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Impinj Inc and Gaztransport Technigaz 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 Gaztransport Technigaz SA 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 Gaztransport Technigaz i.e., Gaztransport Technigaz and Impinj go up and down completely randomly.
Pair Corralation between Gaztransport Technigaz and Impinj
Assuming the 90 days horizon Gaztransport Technigaz SA is expected to under-perform the Impinj. But the stock apears to be less risky and, when comparing its historical volatility, Gaztransport Technigaz SA is 1.42 times less risky than Impinj. The stock trades about -0.01 of its potential returns per unit of risk. The Impinj Inc is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 17,605 in Impinj Inc on September 5, 2024 and sell it today you would earn a total of 50.00 from holding Impinj Inc or generate 0.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Gaztransport Technigaz SA vs. Impinj Inc
Performance |
| Timeline |
| Gaztransport Technigaz |
| Impinj Inc |
Gaztransport Technigaz and Impinj Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gaztransport Technigaz and Impinj
The main advantage of trading using opposite Gaztransport Technigaz and Impinj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gaztransport Technigaz 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.| Gaztransport Technigaz vs. Superior Plus Corp | Gaztransport Technigaz vs. NMI Holdings | Gaztransport Technigaz vs. Origin Agritech | Gaztransport Technigaz vs. SIVERS SEMICONDUCTORS AB |
| Impinj vs. TRAINLINE PLC LS | Impinj vs. SPORT LISBOA E | Impinj vs. Gaztransport Technigaz SA | Impinj vs. COLUMBIA SPORTSWEAR |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |