Correlation Between Blonder Tongue and Iteris

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Blonder Tongue and Iteris 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 Blonder Tongue and Iteris into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Blonder Tongue Laboratories and Iteris Inc, you can compare the effects of market volatilities on Blonder Tongue and Iteris 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 Blonder Tongue with a short position of Iteris. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blonder Tongue and Iteris.

Diversification Opportunities for Blonder Tongue and Iteris

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Blonder and Iteris is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Blonder Tongue Laboratories and Iteris Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Iteris Inc and Blonder Tongue 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 Blonder Tongue Laboratories are associated (or correlated) with Iteris. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Iteris Inc has no effect on the direction of Blonder Tongue i.e., Blonder Tongue and Iteris go up and down completely randomly.

Pair Corralation between Blonder Tongue and Iteris

If you would invest (100.00) in Blonder Tongue Laboratories on December 30, 2023 and sell it today you would earn a total of  100.00  from holding Blonder Tongue Laboratories or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Blonder Tongue Laboratories  vs.  Iteris Inc

 Performance 
       Timeline  
Blonder Tongue Labor 

Risk-Adjusted Performance

0 of 100

 
Low
 
High
Very Weak
Over the last 90 days Blonder Tongue Laboratories has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable fundamental indicators, Blonder Tongue is not utilizing all of its potentials. The recent stock price agitation, may contribute to short-term losses for the retail investors.
Iteris Inc 

Risk-Adjusted Performance

0 of 100

 
Low
 
High
Very Weak
Over the last 90 days Iteris Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fairly strong basic indicators, Iteris is not utilizing all of its potentials. The newest stock price confusion, may contribute to short-horizon losses for the traders.

Blonder Tongue and Iteris Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Blonder Tongue and Iteris

The main advantage of trading using opposite Blonder Tongue and Iteris positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blonder Tongue position performs unexpectedly, Iteris 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 Iteris will offset losses from the drop in Iteris' long position.
The idea behind Blonder Tongue Laboratories and Iteris Inc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.

Other Complementary Tools

Odds Of Bankruptcy
Get analysis of equity chance of financial distress in the next 2 years
Price Exposure Probability
Analyze equity upside and downside potential for a given time horizon across multiple markets
Financial Widgets
Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets
Equity Analysis
Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities
Theme Ratings
Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance
Investing Opportunities
Build portfolios using our predefined set of ideas and optimize them against your investing preferences
Balance Of Power
Check stock momentum by analyzing Balance Of Power indicator and other technical ratios
Equity Forecasting
Use basic forecasting models to generate price predictions and determine price momentum