Correlation Between Moving IMage and Tego Cyber

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

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

Diversification Opportunities for Moving IMage and Tego Cyber

-0.31

Correlation Coefficient

Moving IMage  Tego Cyber

Very good diversification

The 3 months correlation between Moving and Tego is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Moving iMage Technologies and Tego Cyber in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tego Cyber and Moving IMage 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 Moving iMage Technologies are associated (or correlated) with Tego Cyber. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tego Cyber has no effect on the direction of Moving IMage i.e., Moving IMage and Tego Cyber go up and down completely randomly.

Pair Corralation between Moving IMage and Tego Cyber

Given the investment horizon of 90 days Moving iMage Technologies is expected to generate 0.79 times more return on investment than Tego Cyber. However, Moving iMage Technologies is 1.26 times less risky than Tego Cyber. It trades about 0.09 of its potential returns per unit of risk. Tego Cyber is currently generating about 0.04 per unit of risk. If you would invest  58.00  in Moving iMage Technologies on April 25, 2025 and sell it today you would earn a total of  18.00  from holding Moving iMage Technologies or generate 31.03% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	96.83%
Values	Daily Returns

Moving iMage Technologies  vs.  Tego Cyber

Moving iMage Technologies

Risk-Adjusted Performance

Modest

Compared to the overall equity markets, risk-adjusted returns on investments in Moving iMage Technologies are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. Even with relatively uncertain basic indicators, Moving IMage reported solid returns over the last few months and may actually be approaching a breakup point.

Tego Cyber

Risk-Adjusted Performance

Insignificant

Compared to the overall equity markets, risk-adjusted returns on investments in Tego Cyber are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. Despite somewhat weak fundamental indicators, Tego Cyber sustained solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Moving IMage and Tego Cyber

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

The idea behind Moving iMage Technologies and Tego Cyber 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.