Correlation Between IGEN Networks and Quantgate Systems
Can any of the company-specific risk be diversified away by investing in both IGEN Networks and Quantgate Systems 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 Quantgate Systems 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 Quantgate Systems, you can compare the effects of market volatilities on IGEN Networks and Quantgate Systems 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 Quantgate Systems. Check out your portfolio center. Please also check ongoing floating volatility patterns of IGEN Networks and Quantgate Systems.
Diversification Opportunities for IGEN Networks and Quantgate Systems
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IGEN and Quantgate is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IGEN Networks Corp and Quantgate Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Quantgate Systems 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 Quantgate Systems. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Quantgate Systems has no effect on the direction of IGEN Networks i.e., IGEN Networks and Quantgate Systems go up and down completely randomly.
Pair Corralation between IGEN Networks and Quantgate Systems
Given the investment horizon of 90 days IGEN Networks Corp is expected to generate 3.06 times more return on investment than Quantgate Systems. However, IGEN Networks is 3.06 times more volatile than Quantgate Systems. It trades about 0.07 of its potential returns per unit of risk. Quantgate Systems is currently generating about 0.07 per unit of risk. If you would invest 0.12 in IGEN Networks Corp on December 2, 2024 and sell it today you would lose (0.11) from holding IGEN Networks Corp or give up 91.67% 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. Quantgate Systems
Performance |
| Timeline |
| IGEN Networks Corp |
| Quantgate Systems |
IGEN Networks and Quantgate Systems Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IGEN Networks and Quantgate Systems
The main advantage of trading using opposite IGEN Networks and Quantgate Systems positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IGEN Networks position performs unexpectedly, Quantgate Systems 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 Quantgate Systems will offset losses from the drop in Quantgate Systems' long position.| IGEN Networks vs. Astra Veda | ||
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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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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