Correlation Between Nogin and Infobird
Can any of the company-specific risk be diversified away by investing in both Nogin and Infobird 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 Nogin and Infobird into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nogin Inc and Infobird Co, you can compare the effects of market volatilities on Nogin and Infobird 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 Nogin with a short position of Infobird. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nogin and Infobird.
Diversification Opportunities for Nogin and Infobird
Very good diversification
The 3 months correlation between Nogin and Infobird is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Nogin Inc and Infobird Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Infobird and Nogin 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 Nogin Inc are associated (or correlated) with Infobird. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Infobird has no effect on the direction of Nogin i.e., Nogin and Infobird go up and down completely randomly.
Pair Corralation between Nogin and Infobird
If you would invest 190.00 in Infobird Co on August 31, 2024 and sell it today you would earn a total of 74.00 from holding Infobird Co or generate 38.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Nogin Inc vs. Infobird Co
Performance |
| Timeline |
| Nogin Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Infobird |
Nogin and Infobird Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nogin and Infobird
The main advantage of trading using opposite Nogin and Infobird positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nogin position performs unexpectedly, Infobird 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 Infobird will offset losses from the drop in Infobird's long position.The idea behind Nogin Inc and Infobird Co 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.| Infobird vs. HeartCore Enterprises | Infobird vs. Beamr Imaging Ltd | Infobird vs. Trust Stamp | Infobird vs. CXApp Inc |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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