Correlation Between Axcelis Technologies and Impinj

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

By analyzing existing cross correlation between Axcelis Technologies and Impinj Inc, you can compare the effects of market volatilities on Axcelis Technologies and Impinj 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 Axcelis Technologies with a short position of Impinj. Check out your portfolio center. Please also check ongoing floating volatility patterns of Axcelis Technologies and Impinj.

Diversification Opportunities for Axcelis Technologies and Impinj

0.1

Correlation Coefficient

Axcelis Technologies  Impinj

Average diversification

The 3 months correlation between Axcelis and Impinj is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Axcelis Technologies and Impinj Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Impinj Inc and Axcelis Technologies 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 Axcelis Technologies are associated (or correlated) with Impinj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Impinj Inc has no effect on the direction of Axcelis Technologies i.e., Axcelis Technologies and Impinj go up and down completely randomly.

Pair Corralation between Axcelis Technologies and Impinj

Given the investment horizon of 90 days Axcelis Technologies is expected to generate 5.28 times less return on investment than Impinj. But when comparing it to its historical volatility, Axcelis Technologies is 1.1 times less risky than Impinj. It trades about 0.04 of its potential returns per unit of risk. Impinj Inc is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest  11,201  in Impinj Inc on May 2, 2025 and sell it today you would earn a total of  1,020  from holding Impinj Inc or generate 9.11% return on investment over 90 days.

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

Axcelis Technologies  vs.  Impinj Inc

Axcelis Technologies

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Axcelis Technologies are ranked lower than 15 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively uncertain essential indicators, Axcelis Technologies unveiled solid returns over the last few months and may actually be approaching a breakup point.

Impinj Inc

Risk-Adjusted Performance

OK

Compared to the overall equity markets, risk-adjusted returns on investments in Impinj Inc are ranked lower than 10 (%) of all global equities and portfolios over the last 90 days. Despite fairly unfluctuating forward indicators, Impinj demonstrated solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Axcelis Technologies and Impinj

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

The idea behind Axcelis Technologies and Impinj 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.

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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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..