Correlation Between Infobird and Nogin
Can any of the company-specific risk be diversified away by investing in both Infobird 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 Infobird and Nogin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Infobird Co and Nogin Inc, you can compare the effects of market volatilities on Infobird 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 Infobird with a short position of Nogin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Infobird and Nogin.
Diversification Opportunities for Infobird and Nogin
Very good diversification
The 3 months correlation between Infobird and Nogin is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Infobird Co and Nogin Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nogin Inc and Infobird 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 Infobird Co 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 Infobird i.e., Infobird and Nogin go up and down completely randomly.
Pair Corralation between Infobird and Nogin
If you would invest 193.00 in Infobird Co on August 27, 2024 and sell it today you would lose (1.00) from holding Infobird Co or give up 0.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Infobird Co vs. Nogin Inc
Performance |
| Timeline |
| Infobird |
| Nogin Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Infobird and Nogin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Infobird and Nogin
The main advantage of trading using opposite Infobird and Nogin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Infobird 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.The idea behind Infobird Co and Nogin Inc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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