Correlation Between Idex Biometrics and Logiq
Can any of the company-specific risk be diversified away by investing in both Idex Biometrics and Logiq 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 Idex Biometrics and Logiq into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Idex Biometrics ASA and Logiq Inc, you can compare the effects of market volatilities on Idex Biometrics and Logiq 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 Idex Biometrics with a short position of Logiq. Check out your portfolio center. Please also check ongoing floating volatility patterns of Idex Biometrics and Logiq.
Diversification Opportunities for Idex Biometrics and Logiq
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Idex and Logiq is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Idex Biometrics ASA and Logiq Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Logiq Inc and Idex Biometrics 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 Idex Biometrics ASA are associated (or correlated) with Logiq. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Logiq Inc has no effect on the direction of Idex Biometrics i.e., Idex Biometrics and Logiq go up and down completely randomly.
Pair Corralation between Idex Biometrics and Logiq
If you would invest 27.00 in Logiq Inc on November 9, 2024 and sell it today you would lose (25.35) from holding Logiq Inc or give up 93.89% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Idex Biometrics ASA vs. Logiq Inc
Performance |
| Timeline |
| Idex Biometrics ASA |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Logiq Inc |
Idex Biometrics and Logiq Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Idex Biometrics and Logiq
The main advantage of trading using opposite Idex Biometrics and Logiq positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Idex Biometrics position performs unexpectedly, Logiq 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 Logiq will offset losses from the drop in Logiq's long position.| Idex Biometrics vs. Bubblr Inc | Idex Biometrics vs. WonderFi Technologies | Idex Biometrics vs. Oblong Inc | Idex Biometrics vs. Where Food Comes |
| Logiq vs. Tenet Fintech Group | Logiq vs. FansUnite Entertainment | Logiq vs. FingerMotion | Logiq vs. GoLogiq |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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