Correlation Between Inpixon and NuGene International
Can any of the company-specific risk be diversified away by investing in both Inpixon and NuGene International 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 Inpixon and NuGene International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Inpixon and NuGene International, you can compare the effects of market volatilities on Inpixon and NuGene International 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 Inpixon with a short position of NuGene International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inpixon and NuGene International.
Diversification Opportunities for Inpixon and NuGene International
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Inpixon and NuGene is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Inpixon and NuGene International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NuGene International and Inpixon 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 Inpixon are associated (or correlated) with NuGene International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NuGene International has no effect on the direction of Inpixon i.e., Inpixon and NuGene International go up and down completely randomly.
Pair Corralation between Inpixon and NuGene International
Given the investment horizon of 90 days Inpixon is expected to under-perform the NuGene International. In addition to that, Inpixon is 1.09 times more volatile than NuGene International. It trades about -0.07 of its total potential returns per unit of risk. NuGene International is currently generating about 0.01 per unit of volatility. If you would invest 7.00 in NuGene International on August 27, 2024 and sell it today you would lose (6.50) from holding NuGene International or give up 92.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 31.85% |
| Values | Daily Returns |
Inpixon vs. NuGene International
Performance |
| Timeline |
| Inpixon |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| NuGene International |
Inpixon and NuGene International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inpixon and NuGene International
The main advantage of trading using opposite Inpixon and NuGene International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inpixon position performs unexpectedly, NuGene International 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 NuGene International will offset losses from the drop in NuGene International's long position.| Inpixon vs. Trust Stamp | Inpixon vs. HeartCore Enterprises | Inpixon vs. SoundHound AI | Inpixon vs. Infobird Co |
| NuGene International vs. Absolute Health and | NuGene International vs. China Health Management | NuGene International vs. Embrace Change Acquisition | NuGene International vs. TransAKT |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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