Correlation Between QuinStreet and IClick Interactive

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

Diversification Opportunities for QuinStreet and IClick Interactive

0.47
  Correlation Coefficient

Very weak diversification

The 3 months correlation between QuinStreet and IClick is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding QuinStreet and IClick Interactive Asia in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IClick Interactive Asia and QuinStreet 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 QuinStreet are associated (or correlated) with IClick Interactive. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IClick Interactive Asia has no effect on the direction of QuinStreet i.e., QuinStreet and IClick Interactive go up and down completely randomly.

Pair Corralation between QuinStreet and IClick Interactive

Given the investment horizon of 90 days QuinStreet is expected to generate 3.45 times more return on investment than IClick Interactive. However, QuinStreet is 3.45 times more volatile than IClick Interactive Asia. It trades about 0.25 of its potential returns per unit of risk. IClick Interactive Asia is currently generating about 0.1 per unit of risk. If you would invest  1,299  in QuinStreet on December 29, 2023 and sell it today you would earn a total of  436.00  from holding QuinStreet or generate 33.56% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

QuinStreet  vs.  IClick Interactive Asia

 Performance 
       Timeline  
QuinStreet 

Risk-Adjusted Performance

13 of 100

 
Low
 
High
Good
Compared to the overall equity markets, risk-adjusted returns on investments in QuinStreet are ranked lower than 13 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively abnormal basic indicators, QuinStreet unveiled solid returns over the last few months and may actually be approaching a breakup point.
IClick Interactive Asia 

Risk-Adjusted Performance

4 of 100

 
Low
 
High
Insignificant
Compared to the overall equity markets, risk-adjusted returns on investments in IClick Interactive Asia are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. Despite quite persistent essential indicators, IClick Interactive is not utilizing all of its potentials. The latest stock price mess, may contribute to short-term losses for the institutional investors.

QuinStreet and IClick Interactive Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with QuinStreet and IClick Interactive

The main advantage of trading using opposite QuinStreet and IClick Interactive positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if QuinStreet position performs unexpectedly, IClick Interactive 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 IClick Interactive will offset losses from the drop in IClick Interactive's long position.
The idea behind QuinStreet and IClick Interactive Asia 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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.

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