Correlation Between Logiq and Idex Biometrics

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Can any of the company-specific risk be diversified away by investing in both Logiq and Idex Biometrics 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 Logiq and Idex Biometrics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Logiq Inc and Idex Biometrics ASA, you can compare the effects of market volatilities on Logiq and Idex Biometrics 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 Logiq with a short position of Idex Biometrics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Logiq and Idex Biometrics.

Diversification Opportunities for Logiq and Idex Biometrics

LogiqIdexDiversified AwayLogiqIdexDiversified Away100%
0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Logiq and Idex is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Logiq Inc and Idex Biometrics ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Idex Biometrics ASA and Logiq 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 Logiq Inc are associated (or correlated) with Idex Biometrics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Idex Biometrics ASA has no effect on the direction of Logiq i.e., Logiq and Idex Biometrics go up and down completely randomly.

Pair Corralation between Logiq and Idex Biometrics

If you would invest  1.74  in Logiq Inc on November 25, 2024 and sell it today you would lose (0.24) from holding Logiq Inc or give up 13.79% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Logiq Inc  vs.  Idex Biometrics ASA

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb -60-40-20020
JavaScript chart by amCharts 3.21.15LGIQ IDBA
       Timeline  
Logiq Inc 

Risk-Adjusted Performance

Insignificant

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Logiq Inc are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. Even with relatively fragile forward indicators, Logiq reported solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb0.00249999999999999840.0050.010.0150.020.025
Idex Biometrics ASA 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Idex Biometrics ASA has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong fundamental drivers, Idex Biometrics is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short-term losses for the investors.

Logiq and Idex Biometrics Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-45.88-34.36-22.84-11.330.211.923.835.7147.61 0.00050.00100.0015
JavaScript chart by amCharts 3.21.15LGIQ IDBA
       Returns  

Pair Trading with Logiq and Idex Biometrics

The main advantage of trading using opposite Logiq and Idex Biometrics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Logiq position performs unexpectedly, Idex Biometrics 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 Idex Biometrics will offset losses from the drop in Idex Biometrics' long position.
The idea behind Logiq Inc and Idex Biometrics ASA pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Transaction History module to view history of all your transactions and understand their impact on performance.

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