Correlation Between Stratasys and IGo
Can any of the company-specific risk be diversified away by investing in both Stratasys and IGo 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 Stratasys and IGo into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Stratasys and IGo Inc, you can compare the effects of market volatilities on Stratasys and IGo 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 Stratasys with a short position of IGo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stratasys and IGo.
Diversification Opportunities for Stratasys and IGo
Pay attention - limited upside
The 3 months correlation between Stratasys and IGo is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Stratasys and IGo Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IGo Inc and Stratasys 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 Stratasys are associated (or correlated) with IGo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IGo Inc has no effect on the direction of Stratasys i.e., Stratasys and IGo go up and down completely randomly.
Pair Corralation between Stratasys and IGo
If you would invest (100.00) in IGo Inc on January 26, 2024 and sell it today you would earn a total of 100.00 from holding IGo 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 |
Stratasys vs. IGo Inc
Performance |
| Timeline |
| Stratasys |
| IGo Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Stratasys and IGo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Stratasys and IGo
The main advantage of trading using opposite Stratasys and IGo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stratasys position performs unexpectedly, IGo 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 IGo will offset losses from the drop in IGo's long position.| Stratasys vs. LG Display Co | Stratasys vs. Sony Corp | Stratasys vs. Sonos Inc | Stratasys vs. Vizio Holding Corp |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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