Correlation Between Apptech Corp and Icon Information
Can any of the company-specific risk be diversified away by investing in both Apptech Corp and Icon Information 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 Apptech Corp and Icon Information into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apptech Corp and Icon Information Technology, you can compare the effects of market volatilities on Apptech Corp and Icon Information 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 Apptech Corp with a short position of Icon Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apptech Corp and Icon Information.
Diversification Opportunities for Apptech Corp and Icon Information
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Apptech and Icon is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding Apptech Corp and Icon Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Icon Information Tec and Apptech Corp 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 Apptech Corp are associated (or correlated) with Icon Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Icon Information Tec has no effect on the direction of Apptech Corp i.e., Apptech Corp and Icon Information go up and down completely randomly.
Pair Corralation between Apptech Corp and Icon Information
Given the investment horizon of 90 days Apptech Corp is expected to generate 28.61 times more return on investment than Icon Information. However, Apptech Corp is 28.61 times more volatile than Icon Information Technology. It trades about 0.1 of its potential returns per unit of risk. Icon Information Technology is currently generating about 0.27 per unit of risk. If you would invest 36.00 in Apptech Corp on April 23, 2025 and sell it today you would lose (6.00) from holding Apptech Corp or give up 16.67% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 50.82% |
Values | Daily Returns |
Apptech Corp vs. Icon Information Technology
Performance |
Timeline |
Apptech Corp |
Risk-Adjusted Performance
OK
Weak | Strong |
Icon Information Tec |
Apptech Corp and Icon Information Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Apptech Corp and Icon Information
The main advantage of trading using opposite Apptech Corp and Icon Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apptech Corp position performs unexpectedly, Icon Information 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 Icon Information will offset losses from the drop in Icon Information's long position.Apptech Corp vs. Ryvyl Inc | Apptech Corp vs. VirnetX Holding Corp | Apptech Corp vs. Gorilla Technology Group | Apptech Corp vs. authID Inc |
Icon Information vs. Qs Growth Fund | Icon Information vs. Growth Allocation Fund | Icon Information vs. Qs Moderate Growth | Icon Information vs. Qs Growth Fund |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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