Correlation Between Ingram Micro and Benchmark Electronics
Can any of the company-specific risk be diversified away by investing in both Ingram Micro and Benchmark Electronics 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 Ingram Micro and Benchmark Electronics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ingram Micro and Benchmark Electronics, you can compare the effects of market volatilities on Ingram Micro and Benchmark Electronics 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 Ingram Micro with a short position of Benchmark Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ingram Micro and Benchmark Electronics.
Diversification Opportunities for Ingram Micro and Benchmark Electronics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ingram and Benchmark is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ingram Micro and Benchmark Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Benchmark Electronics and Ingram Micro 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 Ingram Micro are associated (or correlated) with Benchmark Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Benchmark Electronics has no effect on the direction of Ingram Micro i.e., Ingram Micro and Benchmark Electronics go up and down completely randomly.
Pair Corralation between Ingram Micro and Benchmark Electronics
If you would invest 2,906 in Benchmark Electronics on January 19, 2024 and sell it today you would earn a total of 98.00 from holding Benchmark Electronics or generate 3.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Ingram Micro vs. Benchmark Electronics
Performance |
| Timeline |
| Ingram Micro |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Benchmark Electronics |
Ingram Micro and Benchmark Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ingram Micro and Benchmark Electronics
The main advantage of trading using opposite Ingram Micro and Benchmark Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ingram Micro position performs unexpectedly, Benchmark Electronics 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 Benchmark Electronics will offset losses from the drop in Benchmark Electronics' long position.| Ingram Micro vs. Asure Software | Ingram Micro vs. Tscan Therapeutics | Ingram Micro vs. Anterix | Ingram Micro vs. Genfit |
| Benchmark Electronics vs. Sanmina | Benchmark Electronics vs. Methode Electronics | Benchmark Electronics vs. OSI Systems | Benchmark Electronics vs. Celestica |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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