Correlation Between Intermap Technologies and TGS Esports
Can any of the company-specific risk be diversified away by investing in both Intermap Technologies and TGS Esports 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 TGS Esports 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 TGS Esports, you can compare the effects of market volatilities on Intermap Technologies and TGS Esports 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 TGS Esports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intermap Technologies and TGS Esports.
Diversification Opportunities for Intermap Technologies and TGS Esports
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Intermap and TGS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Intermap Technologies Corp and TGS Esports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TGS Esports 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 TGS Esports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TGS Esports has no effect on the direction of Intermap Technologies i.e., Intermap Technologies and TGS Esports go up and down completely randomly.
Pair Corralation between Intermap Technologies and TGS Esports
If you would invest 60.00 in Intermap Technologies Corp on September 13, 2024 and sell it today you would earn a total of 134.00 from holding Intermap Technologies Corp or generate 223.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intermap Technologies Corp vs. TGS Esports
Performance |
| Timeline |
| Intermap Technologies |
| TGS Esports |
Intermap Technologies and TGS Esports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intermap Technologies and TGS Esports
The main advantage of trading using opposite Intermap Technologies and TGS Esports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intermap Technologies position performs unexpectedly, TGS Esports 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 TGS Esports will offset losses from the drop in TGS Esports' long position.| Intermap Technologies vs. Firan Technology Group | Intermap Technologies vs. Vecima Networks | Intermap Technologies vs. D Box Technologies | Intermap Technologies vs. Tucows Inc |
| TGS Esports vs. Royal Helium | TGS Esports vs. Excelsior Mining Corp | TGS Esports vs. Vista Gold | TGS Esports vs. Intermap Technologies Corp |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |