Correlation Between IGEN Networks and Ackroo
Can any of the company-specific risk be diversified away by investing in both IGEN Networks and Ackroo 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 Ackroo 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 Ackroo Inc, you can compare the effects of market volatilities on IGEN Networks and Ackroo 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 Ackroo. Check out your portfolio center. Please also check ongoing floating volatility patterns of IGEN Networks and Ackroo.
Diversification Opportunities for IGEN Networks and Ackroo
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between IGEN and Ackroo is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding IGEN Networks Corp and Ackroo Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ackroo Inc 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 Ackroo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ackroo Inc has no effect on the direction of IGEN Networks i.e., IGEN Networks and Ackroo go up and down completely randomly.
Pair Corralation between IGEN Networks and Ackroo
If you would invest 0.01 in IGEN Networks Corp on September 2, 2024 and sell it today you would earn a total of 0.00 from holding IGEN Networks Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
IGEN Networks Corp vs. Ackroo Inc
Performance |
| Timeline |
| IGEN Networks Corp |
| Ackroo Inc |
IGEN Networks and Ackroo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IGEN Networks and Ackroo
The main advantage of trading using opposite IGEN Networks and Ackroo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IGEN Networks position performs unexpectedly, Ackroo 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 Ackroo will offset losses from the drop in Ackroo's long position.| IGEN Networks vs. Waldencast Acquisition Corp | IGEN Networks vs. Alkami Technology | IGEN Networks vs. ADEIA P | IGEN Networks vs. Paycor HCM |
| Ackroo vs. CurrentC Power | Ackroo vs. BASE Inc | Ackroo vs. Maxwell Resource | Ackroo vs. Agent Information Software |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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