Correlation Between Integral and Innovid Corp
Can any of the company-specific risk be diversified away by investing in both Integral and Innovid Corp 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 Integral and Innovid Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Integral Ad Science and Innovid Corp, you can compare the effects of market volatilities on Integral and Innovid Corp 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 Integral with a short position of Innovid Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integral and Innovid Corp.
Diversification Opportunities for Integral and Innovid Corp
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Integral and Innovid is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Integral Ad Science and Innovid Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Innovid Corp and Integral 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 Integral Ad Science are associated (or correlated) with Innovid Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Innovid Corp has no effect on the direction of Integral i.e., Integral and Innovid Corp go up and down completely randomly.
Pair Corralation between Integral and Innovid Corp
Considering the 90-day investment horizon Integral Ad Science is expected to under-perform the Innovid Corp. But the stock apears to be less risky and, when comparing its historical volatility, Integral Ad Science is 1.77 times less risky than Innovid Corp. The stock trades about -0.01 of its potential returns per unit of risk. The Innovid Corp is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 174.00 in Innovid Corp on August 26, 2024 and sell it today you would earn a total of 131.00 from holding Innovid Corp or generate 75.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Integral Ad Science vs. Innovid Corp
Performance |
| Timeline |
| Integral Ad Science |
| Innovid Corp |
Integral and Innovid Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Integral and Innovid Corp
The main advantage of trading using opposite Integral and Innovid Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integral position performs unexpectedly, Innovid Corp 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 Innovid Corp will offset losses from the drop in Innovid Corp's long position.| Integral vs. Mirriad Advertising plc | Integral vs. INEO Tech Corp | Integral vs. Innovid Corp | Integral vs. Townsquare Media |
| Innovid Corp vs. ADTRAN Inc | Innovid Corp vs. Belden Inc | Innovid Corp vs. ADC Therapeutics SA | Innovid Corp vs. Comtech Telecommunications Corp |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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