Correlation Between Taskus and Figs

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

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

Diversification Opportunities for Taskus and Figs

0.59

Correlation Coefficient

Taskus  Figs

Very weak diversification

The 3 months correlation between Taskus and Figs is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Taskus Inc and Figs Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Figs Inc and Taskus 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 Taskus Inc are associated (or correlated) with Figs. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Figs Inc has no effect on the direction of Taskus i.e., Taskus and Figs go up and down completely randomly.

Pair Corralation between Taskus and Figs

Given the investment horizon of 90 days Taskus is expected to generate 1.58 times less return on investment than Figs. But when comparing it to its historical volatility, Taskus Inc is 1.33 times less risky than Figs. It trades about 0.19 of its potential returns per unit of risk. Figs Inc is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest  401.00  in Figs Inc on April 23, 2025 and sell it today you would earn a total of  202.00  from holding Figs Inc or generate 50.37% return on investment over 90 days.

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

Taskus Inc  vs.  Figs Inc

Taskus Inc

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Taskus Inc are ranked lower than 14 (%) of all global equities and portfolios over the last 90 days. Despite quite unsteady basic indicators, Taskus disclosed solid returns over the last few months and may actually be approaching a breakup point.

Figs Inc

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Figs Inc are ranked lower than 17 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively uncertain technical and fundamental indicators, Figs unveiled solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Taskus and Figs

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

The idea behind Taskus Inc and Figs 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.