Correlation Between InTest and Rubicon Technology
Can any of the company-specific risk be diversified away by investing in both InTest and Rubicon Technology 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 InTest and Rubicon Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between inTest and Rubicon Technology, you can compare the effects of market volatilities on InTest and Rubicon Technology 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 InTest with a short position of Rubicon Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of InTest and Rubicon Technology.
Diversification Opportunities for InTest and Rubicon Technology
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between InTest and Rubicon is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding inTest and Rubicon Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rubicon Technology and InTest 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 inTest are associated (or correlated) with Rubicon Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rubicon Technology has no effect on the direction of InTest i.e., InTest and Rubicon Technology go up and down completely randomly.
Pair Corralation between InTest and Rubicon Technology
If you would invest 738.00 in inTest on August 28, 2024 and sell it today you would earn a total of 39.00 from holding inTest or generate 5.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
inTest vs. Rubicon Technology
Performance |
| Timeline |
| inTest |
| Rubicon Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
InTest and Rubicon Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InTest and Rubicon Technology
The main advantage of trading using opposite InTest and Rubicon Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InTest position performs unexpectedly, Rubicon Technology 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 Rubicon Technology will offset losses from the drop in Rubicon Technology's long position.| InTest vs. Axcelis Technologies | InTest vs. Lam Research Corp | InTest vs. Photronics | InTest vs. indie Semiconductor |
| Rubicon Technology vs. Axcelis Technologies | Rubicon Technology vs. inTest | Rubicon Technology vs. Lam Research Corp | Rubicon Technology vs. Photronics |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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