Correlation Between Computer Task and CGI
Can any of the company-specific risk be diversified away by investing in both Computer Task and CGI 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 Computer Task and CGI into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Computer Task Group and CGI Inc, you can compare the effects of market volatilities on Computer Task and CGI 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 Computer Task with a short position of CGI. Check out your portfolio center. Please also check ongoing floating volatility patterns of Computer Task and CGI.
Diversification Opportunities for Computer Task and CGI
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Computer and CGI is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Computer Task Group and CGI Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CGI Inc and Computer Task 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 Computer Task Group are associated (or correlated) with CGI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CGI Inc has no effect on the direction of Computer Task i.e., Computer Task and CGI go up and down completely randomly.
Pair Corralation between Computer Task and CGI
If you would invest 1,050 in Computer Task Group on January 25, 2024 and sell it today you would earn a total of 0.00 from holding Computer Task Group or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
Computer Task Group vs. CGI Inc
Performance |
| Timeline |
| Computer Task Group |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| CGI Inc |
Computer Task and CGI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Computer Task and CGI
The main advantage of trading using opposite Computer Task and CGI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Computer Task position performs unexpectedly, CGI 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 CGI will offset losses from the drop in CGI's long position.| Computer Task vs. The Hackett Group | Computer Task vs. CSP Inc | Computer Task vs. Clarivate Plc | Computer Task vs. Nayax |
| CGI vs. CACI International | CGI vs. CDW Corp | CGI vs. Jack Henry Associates | CGI vs. Broadridge Financial Solutions |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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