Correlation Between Stepstone and Nogin
Can any of the company-specific risk be diversified away by investing in both Stepstone and Nogin 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 Stepstone and Nogin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Stepstone Group and Nogin Inc, you can compare the effects of market volatilities on Stepstone and Nogin 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 Stepstone with a short position of Nogin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stepstone and Nogin.
Diversification Opportunities for Stepstone and Nogin
Pay attention - limited upside
The 3 months correlation between Stepstone and Nogin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Stepstone Group and Nogin Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nogin Inc and Stepstone 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 Stepstone Group are associated (or correlated) with Nogin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nogin Inc has no effect on the direction of Stepstone i.e., Stepstone and Nogin go up and down completely randomly.
Pair Corralation between Stepstone and Nogin
If you would invest (100.00) in Nogin Inc on September 24, 2024 and sell it today you would earn a total of 100.00 from holding Nogin Inc or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Stepstone Group vs. Nogin Inc
Performance |
| Timeline |
| Stepstone Group |
| Nogin Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Stepstone and Nogin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Stepstone and Nogin
The main advantage of trading using opposite Stepstone and Nogin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stepstone position performs unexpectedly, Nogin 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 Nogin will offset losses from the drop in Nogin's long position.| Stepstone vs. Aquagold International | Stepstone vs. Morningstar Unconstrained Allocation | Stepstone vs. Thrivent High Yield | Stepstone vs. Via Renewables |
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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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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