Correlation Between Intel and Near Intelligence
Can any of the company-specific risk be diversified away by investing in both Intel and Near Intelligence 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 Intel and Near Intelligence into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intel and Near Intelligence, you can compare the effects of market volatilities on Intel and Near Intelligence 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 Intel with a short position of Near Intelligence. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and Near Intelligence.
Diversification Opportunities for Intel and Near Intelligence
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Intel and Near is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Intel and Near Intelligence in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Near Intelligence and Intel 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 Intel are associated (or correlated) with Near Intelligence. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Near Intelligence has no effect on the direction of Intel i.e., Intel and Near Intelligence go up and down completely randomly.
Pair Corralation between Intel and Near Intelligence
Given the investment horizon of 90 days Intel is expected to generate 0.17 times more return on investment than Near Intelligence. However, Intel is 5.72 times less risky than Near Intelligence. It trades about 0.0 of its potential returns per unit of risk. Near Intelligence is currently generating about -0.06 per unit of risk. If you would invest 2,770 in Intel on September 3, 2024 and sell it today you would lose (365.00) from holding Intel or give up 13.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 17.78% |
| Values | Daily Returns |
Intel vs. Near Intelligence
Performance |
| Timeline |
| Intel |
| Near Intelligence |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Intel and Near Intelligence Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and Near Intelligence
The main advantage of trading using opposite Intel and Near Intelligence positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, Near Intelligence 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 Near Intelligence will offset losses from the drop in Near Intelligence's long position.| Intel vs. NVIDIA | Intel vs. Taiwan Semiconductor Manufacturing | Intel vs. Marvell Technology Group | Intel vs. Micron Technology |
| Near Intelligence vs. HeartCore Enterprises | Near Intelligence vs. Trust Stamp | Near Intelligence vs. Quhuo | Near Intelligence vs. Infobird Co |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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