Correlation Between PARKEN Sport and Impinj

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both PARKEN Sport 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 PARKEN Sport and Impinj into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PARKEN Sport Entertainment and Impinj Inc, you can compare the effects of market volatilities on PARKEN Sport 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 PARKEN Sport with a short position of Impinj. Check out your portfolio center. Please also check ongoing floating volatility patterns of PARKEN Sport and Impinj.

Diversification Opportunities for PARKEN Sport and Impinj

PARKENImpinjDiversified AwayPARKENImpinjDiversified Away100%
-0.75
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between PARKEN and Impinj is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding PARKEN Sport Entertainment and Impinj Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Impinj Inc and PARKEN Sport 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 PARKEN Sport Entertainment 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 PARKEN Sport i.e., PARKEN Sport and Impinj go up and down completely randomly.

Pair Corralation between PARKEN Sport and Impinj

Assuming the 90 days horizon PARKEN Sport Entertainment is expected to generate 0.67 times more return on investment than Impinj. However, PARKEN Sport Entertainment is 1.5 times less risky than Impinj. It trades about 0.11 of its potential returns per unit of risk. Impinj Inc is currently generating about -0.2 per unit of risk. If you would invest  1,600  in PARKEN Sport Entertainment on October 21, 2024 and sell it today you would earn a total of  235.00  from holding PARKEN Sport Entertainment or generate 14.69% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

PARKEN Sport Entertainment  vs.  Impinj Inc

 Performance 
JavaScript chart by amCharts 3.21.15NovDec2025 -30-20-10010
JavaScript chart by amCharts 3.21.15D2V 27J
       Timeline  
PARKEN Sport Enterta 

Risk-Adjusted Performance

8 of 100

 
Weak
 
Strong
OK
Compared to the overall equity markets, risk-adjusted returns on investments in PARKEN Sport Entertainment are ranked lower than 8 (%) of all global equities and portfolios over the last 90 days. Despite nearly uncertain basic indicators, PARKEN Sport reported solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15NovDecJanDecJan15.51616.51717.51818.5
Impinj Inc 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Impinj Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fragile performance in the last few months, the Stock's basic indicators remain nearly stable which may send shares a bit higher in February 2025. The current disturbance may also be a sign of long-run up-swing for the company stockholders.
JavaScript chart by amCharts 3.21.15NovDecJanDecJan130140150160170180190200210

PARKEN Sport and Impinj Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-6.96-5.21-3.46-1.720.01.823.665.517.35 0.020.030.040.050.060.070.08
JavaScript chart by amCharts 3.21.15D2V 27J
       Returns  

Pair Trading with PARKEN Sport and Impinj

The main advantage of trading using opposite PARKEN Sport and Impinj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PARKEN Sport 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 PARKEN Sport Entertainment 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.
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.

Other Complementary Tools

Analyst Advice
Analyst recommendations and target price estimates broken down by several categories
Performance Analysis
Check effects of mean-variance optimization against your current asset allocation
Earnings Calls
Check upcoming earnings announcements updated hourly across public exchanges
Positions Ratings
Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance
Global Markets Map
Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes