Correlation Between Intermap Technologies and Tucows
Can any of the company-specific risk be diversified away by investing in both Intermap Technologies and Tucows 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 Tucows 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 Tucows Inc, you can compare the effects of market volatilities on Intermap Technologies and Tucows 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 Tucows. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intermap Technologies and Tucows.
Diversification Opportunities for Intermap Technologies and Tucows
-0.81 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Intermap and Tucows is -0.81. Overlapping area represents the amount of risk that can be diversified away by holding Intermap Technologies Corp and Tucows Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tucows Inc 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 Tucows. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tucows Inc has no effect on the direction of Intermap Technologies i.e., Intermap Technologies and Tucows go up and down completely randomly.
Pair Corralation between Intermap Technologies and Tucows
Assuming the 90 days trading horizon Intermap Technologies Corp is expected to generate 1.38 times more return on investment than Tucows. However, Intermap Technologies is 1.38 times more volatile than Tucows Inc. It trades about 0.19 of its potential returns per unit of risk. Tucows Inc is currently generating about -0.04 per unit of risk. If you would invest 57.00 in Intermap Technologies Corp on August 29, 2024 and sell it today you would earn a total of 108.00 from holding Intermap Technologies Corp or generate 189.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intermap Technologies Corp vs. Tucows Inc
Performance |
| Timeline |
| Intermap Technologies |
| Tucows Inc |
Intermap Technologies and Tucows Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intermap Technologies and Tucows
The main advantage of trading using opposite Intermap Technologies and Tucows positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intermap Technologies position performs unexpectedly, Tucows 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 Tucows will offset losses from the drop in Tucows' long position.| Intermap Technologies vs. Firan Technology Group | Intermap Technologies vs. Vecima Networks | Intermap Technologies vs. D Box Technologies | Intermap Technologies vs. Tucows Inc |
| Tucows vs. TECSYS Inc | Tucows vs. Descartes Systems Group | Tucows vs. Enghouse Systems | Tucows vs. Evertz Technologies Limited |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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