Correlation Between CurrentC Power and IGEN Networks
Can any of the company-specific risk be diversified away by investing in both CurrentC Power and IGEN Networks 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 CurrentC Power and IGEN Networks into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CurrentC Power and IGEN Networks Corp, you can compare the effects of market volatilities on CurrentC Power and IGEN Networks 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 CurrentC Power with a short position of IGEN Networks. Check out your portfolio center. Please also check ongoing floating volatility patterns of CurrentC Power and IGEN Networks.
Diversification Opportunities for CurrentC Power and IGEN Networks
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between CurrentC and IGEN is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding CurrentC Power and IGEN Networks Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IGEN Networks Corp and CurrentC Power 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 CurrentC Power are associated (or correlated) with IGEN Networks. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IGEN Networks Corp has no effect on the direction of CurrentC Power i.e., CurrentC Power and IGEN Networks go up and down completely randomly.
Pair Corralation between CurrentC Power and IGEN Networks
If you would invest 20.00 in CurrentC Power on September 2, 2024 and sell it today you would lose (7.00) from holding CurrentC Power or give up 35.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CurrentC Power vs. IGEN Networks Corp
Performance |
| Timeline |
| CurrentC Power |
| IGEN Networks Corp |
CurrentC Power and IGEN Networks Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CurrentC Power and IGEN Networks
The main advantage of trading using opposite CurrentC Power and IGEN Networks positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CurrentC Power position performs unexpectedly, IGEN Networks 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 IGEN Networks will offset losses from the drop in IGEN Networks' long position.| CurrentC Power vs. Legacy Education | CurrentC Power vs. Apple Inc | CurrentC Power vs. NVIDIA | CurrentC Power vs. Microsoft |
| IGEN Networks vs. Waldencast Acquisition Corp | IGEN Networks vs. Alkami Technology | IGEN Networks vs. ADEIA P | IGEN Networks vs. Paycor HCM |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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