Correlation Between Mogo and Appgate
Can any of the company-specific risk be diversified away by investing in both Mogo and Appgate 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 Mogo and Appgate into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mogo Inc and Appgate, you can compare the effects of market volatilities on Mogo and Appgate 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 Mogo with a short position of Appgate. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mogo and Appgate.
Diversification Opportunities for Mogo and Appgate
Significant diversification
The 3 months correlation between Mogo and Appgate is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Mogo Inc and Appgate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Appgate and Mogo 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 Mogo Inc are associated (or correlated) with Appgate. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Appgate has no effect on the direction of Mogo i.e., Mogo and Appgate go up and down completely randomly.
Pair Corralation between Mogo and Appgate
Given the investment horizon of 90 days Mogo is expected to generate 56.93 times less return on investment than Appgate. But when comparing it to its historical volatility, Mogo Inc is 7.05 times less risky than Appgate. It trades about 0.02 of its potential returns per unit of risk. Appgate is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 10.00 in Appgate on September 3, 2024 and sell it today you would earn a total of 3.00 from holding Appgate or generate 30.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 16.0% |
| Values | Daily Returns |
Mogo Inc vs. Appgate
Performance |
| Timeline |
| Mogo Inc |
| Appgate |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Mogo and Appgate Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mogo and Appgate
The main advantage of trading using opposite Mogo and Appgate positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mogo position performs unexpectedly, Appgate 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 Appgate will offset losses from the drop in Appgate's long position.| Mogo vs. Katapult Holdings Equity | Mogo vs. International Money Express | Mogo vs. Bakkt Holdings | Mogo vs. Kaltura |
| Appgate vs. Tingo Inc | Appgate vs. Palo Alto Networks | Appgate vs. Palantir Technologies Class | Appgate vs. Arax Holdings 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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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