Correlation Between ASGN and Taskus

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

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

Diversification Opportunities for ASGN and Taskus

-0.36

Correlation Coefficient

ASGN  Taskus

Very good diversification

The 3 months correlation between ASGN and Taskus is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding ASGN Inc and Taskus Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Taskus Inc and ASGN 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 ASGN Inc are associated (or correlated) with Taskus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Taskus Inc has no effect on the direction of ASGN i.e., ASGN and Taskus go up and down completely randomly.

Pair Corralation between ASGN and Taskus

Given the investment horizon of 90 days ASGN Inc is expected to under-perform the Taskus. In addition to that, ASGN is 5.52 times more volatile than Taskus Inc. It trades about 0.0 of its total potential returns per unit of risk. Taskus Inc is currently generating about 0.09 per unit of volatility. If you would invest  1,685  in Taskus Inc on May 22, 2025 and sell it today you would earn a total of  47.00  from holding Taskus Inc or generate 2.79% return on investment over 90 days.

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

ASGN Inc  vs.  Taskus Inc

ASGN Inc

Risk-Adjusted Performance

Weakest

Over the last 90 days ASGN Inc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy technical and fundamental indicators, ASGN is not utilizing all of its potentials. The newest stock price disarray, may contribute to short-term losses for the investors.

Taskus Inc

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in Taskus Inc are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. Despite quite persistent basic indicators, Taskus is not utilizing all of its potentials. The latest stock price mess, may contribute to short-term losses for the institutional investors.

Pair Trading with ASGN and Taskus

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

The idea behind ASGN Inc and Taskus 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.