Correlation Between AXMIN and Impinj
Can any of the company-specific risk be diversified away by investing in both AXMIN 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 AXMIN and Impinj into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AXMIN Inc and Impinj Inc, you can compare the effects of market volatilities on AXMIN 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 AXMIN with a short position of Impinj. Check out your portfolio center. Please also check ongoing floating volatility patterns of AXMIN and Impinj.
Diversification Opportunities for AXMIN and Impinj
Pay attention - limited upside
The 3 months correlation between AXMIN and Impinj is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AXMIN Inc and Impinj Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Impinj Inc and AXMIN 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 AXMIN Inc 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 AXMIN i.e., AXMIN and Impinj go up and down completely randomly.
Pair Corralation between AXMIN and Impinj
If you would invest 14,590 in Impinj Inc on September 3, 2024 and sell it today you would earn a total of 3,225 from holding Impinj Inc or generate 22.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.46% |
| Values | Daily Returns |
AXMIN Inc vs. Impinj Inc
Performance |
| Timeline |
| AXMIN Inc |
| Impinj Inc |
AXMIN and Impinj Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AXMIN and Impinj
The main advantage of trading using opposite AXMIN and Impinj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AXMIN 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.| AXMIN vs. Canadian Utilities Limited | AXMIN vs. National Bank Holdings | AXMIN vs. PT Bank Maybank | AXMIN vs. Webster Financial |
| Impinj vs. 24SEVENOFFICE GROUP AB | Impinj vs. Natural Health Trends | Impinj vs. CITY OFFICE REIT | Impinj vs. G III Apparel Group |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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