Correlation Between IGEN Networks and CurrentC Power
Can any of the company-specific risk be diversified away by investing in both IGEN Networks and CurrentC Power 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 IGEN Networks and CurrentC Power into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between IGEN Networks Corp and CurrentC Power, you can compare the effects of market volatilities on IGEN Networks and CurrentC Power 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 IGEN Networks with a short position of CurrentC Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of IGEN Networks and CurrentC Power.
Diversification Opportunities for IGEN Networks and CurrentC Power
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IGEN and CurrentC is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IGEN Networks Corp and CurrentC Power in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CurrentC Power and IGEN Networks 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 IGEN Networks Corp are associated (or correlated) with CurrentC Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CurrentC Power has no effect on the direction of IGEN Networks i.e., IGEN Networks and CurrentC Power go up and down completely randomly.
Pair Corralation between IGEN Networks and CurrentC Power
If you would invest 20.00 in CurrentC Power on November 2, 2024 and sell it today you would lose (2.00) from holding CurrentC Power or give up 10.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
IGEN Networks Corp vs. CurrentC Power
Performance |
| Timeline |
| IGEN Networks Corp |
| CurrentC Power |
IGEN Networks and CurrentC Power Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IGEN Networks and CurrentC Power
The main advantage of trading using opposite IGEN Networks and CurrentC Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IGEN Networks position performs unexpectedly, CurrentC Power 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 CurrentC Power will offset losses from the drop in CurrentC Power's long position.| IGEN Networks vs. Astra Veda | IGEN Networks vs. On4 Communications | IGEN Networks vs. AB International Group | IGEN Networks vs. Peer To Peer |
| CurrentC Power vs. ProSiebenSat1 Media AG | CurrentC Power vs. RTL Group SA | CurrentC Power vs. iHeartMedia | CurrentC Power vs. ITV PLC ADR |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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