Correlation Between Gartner and IGATE Corp
Can any of the company-specific risk be diversified away by investing in both Gartner and IGATE Corp 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 Gartner and IGATE Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gartner and IGATE Corp, you can compare the effects of market volatilities on Gartner and IGATE Corp 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 Gartner with a short position of IGATE Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gartner and IGATE Corp.
Diversification Opportunities for Gartner and IGATE Corp
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gartner and IGATE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Gartner and IGATE Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IGATE Corp and Gartner 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 Gartner are associated (or correlated) with IGATE Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IGATE Corp has no effect on the direction of Gartner i.e., Gartner and IGATE Corp go up and down completely randomly.
Pair Corralation between Gartner and IGATE Corp
If you would invest 0.00 in IGATE Corp on January 25, 2024 and sell it today you would earn a total of 0.00 from holding IGATE Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.61% |
| Values | Daily Returns |
Gartner vs. IGATE Corp
Performance |
| Timeline |
| Gartner |
| IGATE Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Gartner and IGATE Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gartner and IGATE Corp
The main advantage of trading using opposite Gartner and IGATE Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gartner position performs unexpectedly, IGATE Corp 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 IGATE Corp will offset losses from the drop in IGATE Corp's long position.| Gartner vs. FiscalNote Holdings | Gartner vs. Innodata | Gartner vs. Aurora Innovation | Gartner vs. Conduent |
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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 Transaction History module to view history of all your transactions and understand their impact on performance.
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