Correlation Between Inogen and ETF Securities
Can any of the company-specific risk be diversified away by investing in both Inogen and ETF Securities 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 Inogen and ETF Securities into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Inogen Inc and ETF Securities, you can compare the effects of market volatilities on Inogen and ETF Securities 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 Inogen with a short position of ETF Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inogen and ETF Securities.
Diversification Opportunities for Inogen and ETF Securities
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Inogen and ETF is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Inogen Inc and ETF Securities in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ETF Securities and Inogen 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 Inogen Inc are associated (or correlated) with ETF Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ETF Securities has no effect on the direction of Inogen i.e., Inogen and ETF Securities go up and down completely randomly.
Pair Corralation between Inogen and ETF Securities
If you would invest (100.00) in ETF Securities on January 25, 2024 and sell it today you would earn a total of 100.00 from holding ETF Securities 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 |
Inogen Inc vs. ETF Securities
Performance |
Timeline |
Inogen Inc |
ETF Securities |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Inogen and ETF Securities Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Inogen and ETF Securities
The main advantage of trading using opposite Inogen and ETF Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inogen position performs unexpectedly, ETF Securities 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 ETF Securities will offset losses from the drop in ETF Securities' long position.Inogen vs. HealthStream | Inogen vs. National Research Corp | Inogen vs. HealthEquity | Inogen vs. Health Catalyst |
ETF Securities vs. Vanguard Total Stock | ETF Securities vs. SPDR SP 500 | ETF Securities vs. iShares Core SP | ETF Securities vs. Vanguard Total Bond |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
Share Portfolio Track or share privately all of your investments from the convenience of any device | |
ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
Money Managers Screen money managers from public funds and ETFs managed around the world | |
Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |