Correlation Between Boxlight Corp and Intermap Technologies
Can any of the company-specific risk be diversified away by investing in both Boxlight Corp and Intermap Technologies 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 Boxlight Corp and Intermap Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Boxlight Corp Class and Intermap Technologies Corp, you can compare the effects of market volatilities on Boxlight Corp and Intermap Technologies 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 Boxlight Corp with a short position of Intermap Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boxlight Corp and Intermap Technologies.
Diversification Opportunities for Boxlight Corp and Intermap Technologies
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Boxlight and Intermap is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Boxlight Corp Class and Intermap Technologies Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intermap Technologies and Boxlight Corp 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 Boxlight Corp Class are associated (or correlated) with Intermap Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intermap Technologies has no effect on the direction of Boxlight Corp i.e., Boxlight Corp and Intermap Technologies go up and down completely randomly.
Pair Corralation between Boxlight Corp and Intermap Technologies
Given the investment horizon of 90 days Boxlight Corp is expected to generate 15.23 times less return on investment than Intermap Technologies. In addition to that, Boxlight Corp is 1.13 times more volatile than Intermap Technologies Corp. It trades about 0.02 of its total potential returns per unit of risk. Intermap Technologies Corp is currently generating about 0.28 per unit of volatility. If you would invest 90.00 in Intermap Technologies Corp on September 1, 2024 and sell it today you would earn a total of 33.00 from holding Intermap Technologies Corp or generate 36.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Boxlight Corp Class vs. Intermap Technologies Corp
Performance |
| Timeline |
| Boxlight Corp Class |
| Intermap Technologies |
Boxlight Corp and Intermap Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boxlight Corp and Intermap Technologies
The main advantage of trading using opposite Boxlight Corp and Intermap Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boxlight Corp position performs unexpectedly, Intermap Technologies 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 Intermap Technologies will offset losses from the drop in Intermap Technologies' long position.| Boxlight Corp vs. Siyata Mobile | Boxlight Corp vs. ClearOne | Boxlight Corp vs. Ceragon Networks | Boxlight Corp vs. Akoustis Technologies |
| Intermap Technologies vs. BCE Inc | Intermap Technologies vs. Axiologix | Intermap Technologies vs. Advanced Info Service | Intermap Technologies vs. HUMANA INC |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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