Correlation Between Nogin and CurrentC Power
Can any of the company-specific risk be diversified away by investing in both Nogin and CurrentC Power 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 CurrentC Power into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nogin Inc and CurrentC Power, you can compare the effects of market volatilities on Nogin and CurrentC Power 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 CurrentC Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nogin and CurrentC Power.
Diversification Opportunities for Nogin and CurrentC Power
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Nogin and CurrentC is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Nogin Inc and CurrentC Power in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CurrentC Power 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 CurrentC Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CurrentC Power has no effect on the direction of Nogin i.e., Nogin and CurrentC Power go up and down completely randomly.
Pair Corralation between Nogin and CurrentC Power
If you would invest 12.00 in CurrentC Power on August 28, 2024 and sell it today you would earn a total of 11.00 from holding CurrentC Power or generate 91.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Nogin Inc vs. CurrentC Power
Performance |
| Timeline |
| Nogin Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| CurrentC Power |
Nogin and CurrentC Power Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nogin and CurrentC Power
The main advantage of trading using opposite Nogin and CurrentC Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nogin position performs unexpectedly, CurrentC Power 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 CurrentC Power will offset losses from the drop in CurrentC Power's long position.The idea behind Nogin Inc and CurrentC Power 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.| CurrentC Power vs. CVR Partners LP | CurrentC Power vs. Codexis | CurrentC Power vs. Sun Country Airlines | CurrentC Power vs. Coty 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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