Correlation Between Ingram Micro and Five Star
Can any of the company-specific risk be diversified away by investing in both Ingram Micro and Five Star 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 Ingram Micro and Five Star into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ingram Micro and Five Star Bancorp, you can compare the effects of market volatilities on Ingram Micro and Five Star 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 Ingram Micro with a short position of Five Star. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ingram Micro and Five Star.
Diversification Opportunities for Ingram Micro and Five Star
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ingram and Five is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ingram Micro and Five Star Bancorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Five Star Bancorp and Ingram Micro 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 Ingram Micro are associated (or correlated) with Five Star. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Five Star Bancorp has no effect on the direction of Ingram Micro i.e., Ingram Micro and Five Star go up and down completely randomly.
Pair Corralation between Ingram Micro and Five Star
If you would invest (100.00) in Ingram Micro on January 27, 2024 and sell it today you would earn a total of 100.00 from holding Ingram Micro 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 |
Ingram Micro vs. Five Star Bancorp
Performance |
Timeline |
Ingram Micro |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Five Star Bancorp |
Ingram Micro and Five Star Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ingram Micro and Five Star
The main advantage of trading using opposite Ingram Micro and Five Star positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ingram Micro position performs unexpectedly, Five Star 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 Five Star will offset losses from the drop in Five Star's long position.Ingram Micro vs. Fast Retailing Co | Ingram Micro vs. Genuine Parts Co | Ingram Micro vs. Vacasa Inc | Ingram Micro vs. Allient |
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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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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