Correlation Between IClick Interactive and Comscore

Can any of the company-specific risk be diversified away by investing in both IClick Interactive and Comscore 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 IClick Interactive and Comscore into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between iClick Interactive Asia and Comscore, you can compare the effects of market volatilities on IClick Interactive and Comscore 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 IClick Interactive with a short position of Comscore. Check out your portfolio center. Please also check ongoing floating volatility patterns of IClick Interactive and Comscore.

Diversification Opportunities for IClick Interactive and Comscore

0.19

Correlation Coefficient

IClick Interactive  Comscore

Average diversification

The 3 months correlation between IClick and Comscore is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding iClick Interactive Asia and Comscore in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Comscore and IClick Interactive 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 iClick Interactive Asia are associated (or correlated) with Comscore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Comscore has no effect on the direction of IClick Interactive i.e., IClick Interactive and Comscore go up and down completely randomly.

Pair Corralation between IClick Interactive and Comscore

Given the investment horizon of 90 days iClick Interactive Asia is expected to under-perform the Comscore. In addition to that, IClick Interactive is 2.23 times more volatile than Comscore. It trades about -0.33 of its total potential returns per unit of risk. Comscore is currently generating about -0.11 per unit of volatility. If you would invest  1,538  in Comscore on January 26, 2024 and sell it today you would lose (90.00) from holding Comscore or give up 5.85% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

iClick Interactive Asia  vs.  Comscore

iClick Interactive Asia

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days iClick Interactive Asia has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's essential indicators remain quite persistent which may send shares a bit higher in May 2024. The latest mess may also be a sign of long-standing up-swing for the company institutional investors.

Comscore

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Comscore has generated negative risk-adjusted returns adding no value to investors with long positions. Even with unfluctuating performance in the last few months, the Stock's basic indicators remain relatively invariable which may send shares a bit higher in May 2024. The latest agitation may also be a sign of long-running up-swing for the enterprise retail investors.

Pair Trading with IClick Interactive and Comscore

The main advantage of trading using opposite IClick Interactive and Comscore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IClick Interactive position performs unexpectedly, Comscore 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 Comscore will offset losses from the drop in Comscore's long position.

The idea behind iClick Interactive Asia and Comscore 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.

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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.