Correlation Between Intermap Technologies and I 80
Can any of the company-specific risk be diversified away by investing in both Intermap Technologies and I 80 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 Intermap Technologies and I 80 into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intermap Technologies Corp and i 80 Gold Corp, you can compare the effects of market volatilities on Intermap Technologies and I 80 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 Intermap Technologies with a short position of I 80. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intermap Technologies and I 80.
Diversification Opportunities for Intermap Technologies and I 80
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Intermap and IAU is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Intermap Technologies Corp and i 80 Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on i 80 Gold and Intermap Technologies 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 Intermap Technologies Corp are associated (or correlated) with I 80. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of i 80 Gold has no effect on the direction of Intermap Technologies i.e., Intermap Technologies and I 80 go up and down completely randomly.
Pair Corralation between Intermap Technologies and I 80
Assuming the 90 days trading horizon Intermap Technologies is expected to generate 4.55 times less return on investment than I 80. But when comparing it to its historical volatility, Intermap Technologies Corp is 1.29 times less risky than I 80. It trades about 0.03 of its potential returns per unit of risk. i 80 Gold Corp is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 74.00 in i 80 Gold Corp on October 24, 2024 and sell it today you would earn a total of 6.00 from holding i 80 Gold Corp or generate 8.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intermap Technologies Corp vs. i 80 Gold Corp
Performance |
| Timeline |
| Intermap Technologies |
| i 80 Gold |
Intermap Technologies and I 80 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intermap Technologies and I 80
The main advantage of trading using opposite Intermap Technologies and I 80 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intermap Technologies position performs unexpectedly, I 80 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 I 80 will offset losses from the drop in I 80's long position.| Intermap Technologies vs. Firan Technology Group | Intermap Technologies vs. Vecima Networks | Intermap Technologies vs. D Box Technologies | Intermap Technologies vs. Tucows Inc |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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