Correlation Between Computer Task and ASGN
Can any of the company-specific risk be diversified away by investing in both Computer Task and ASGN 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 Computer Task and ASGN into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Computer Task Group and ASGN Inc, you can compare the effects of market volatilities on Computer Task and ASGN 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 Computer Task with a short position of ASGN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Computer Task and ASGN.
Diversification Opportunities for Computer Task and ASGN
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Computer and ASGN is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Computer Task Group and ASGN Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ASGN Inc and Computer Task 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 Computer Task Group are associated (or correlated) with ASGN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ASGN Inc has no effect on the direction of Computer Task i.e., Computer Task and ASGN go up and down completely randomly.
Pair Corralation between Computer Task and ASGN
If you would invest 8,286 in ASGN Inc on November 2, 2024 and sell it today you would earn a total of 601.00 from holding ASGN Inc or generate 7.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.26% |
| Values | Daily Returns |
Computer Task Group vs. ASGN Inc
Performance |
| Timeline |
| Computer Task Group |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| ASGN Inc |
Computer Task and ASGN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Computer Task and ASGN
The main advantage of trading using opposite Computer Task and ASGN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Computer Task position performs unexpectedly, ASGN 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 ASGN will offset losses from the drop in ASGN's long position.| Computer Task vs. The Hackett Group | Computer Task vs. CSP Inc | Computer Task vs. Nayax | Computer Task vs. Formula Systems 1985 |
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 Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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