Correlation Between Getaround and Nogin
Can any of the company-specific risk be diversified away by investing in both Getaround and Nogin 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 Getaround and Nogin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Getaround and Nogin Inc, you can compare the effects of market volatilities on Getaround and Nogin 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 Getaround with a short position of Nogin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getaround and Nogin.
Diversification Opportunities for Getaround and Nogin
Pay attention - limited upside
The 3 months correlation between Getaround and Nogin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Getaround and Nogin Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nogin Inc and Getaround 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 Getaround are associated (or correlated) with Nogin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nogin Inc has no effect on the direction of Getaround i.e., Getaround and Nogin go up and down completely randomly.
Pair Corralation between Getaround and Nogin
If you would invest (100.00) in Nogin Inc on January 14, 2025 and sell it today you would earn a total of 100.00 from holding Nogin Inc or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Getaround vs. Nogin Inc
Performance |
| Timeline |
| Getaround |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Nogin Inc |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Getaround and Nogin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getaround and Nogin
The main advantage of trading using opposite Getaround and Nogin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getaround position performs unexpectedly, Nogin 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 Nogin will offset losses from the drop in Nogin's long position.| Getaround vs. HeartCore Enterprises | Getaround vs. Trust Stamp | Getaround vs. Quhuo | Getaround vs. Infobird Co |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |