Correlation Between IGEN Networks and Auddia
Can any of the company-specific risk be diversified away by investing in both IGEN Networks and Auddia 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 Auddia 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 Auddia Inc, you can compare the effects of market volatilities on IGEN Networks and Auddia 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 Auddia. Check out your portfolio center. Please also check ongoing floating volatility patterns of IGEN Networks and Auddia.
Diversification Opportunities for IGEN Networks and Auddia
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between IGEN and Auddia is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding IGEN Networks Corp and Auddia Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Auddia 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 Auddia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Auddia Inc has no effect on the direction of IGEN Networks i.e., IGEN Networks and Auddia go up and down completely randomly.
Pair Corralation between IGEN Networks and Auddia
If you would invest 0.01 in IGEN Networks Corp on September 13, 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 | 47.62% |
| Values | Daily Returns |
IGEN Networks Corp vs. Auddia Inc
Performance |
| Timeline |
| IGEN Networks Corp |
| Auddia Inc |
IGEN Networks and Auddia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IGEN Networks and Auddia
The main advantage of trading using opposite IGEN Networks and Auddia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IGEN Networks position performs unexpectedly, Auddia 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 Auddia will offset losses from the drop in Auddia'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 |
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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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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