Correlation Between ICoreConnect Common and Mitesco

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

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

Diversification Opportunities for ICoreConnect Common and Mitesco

-0.55

Correlation Coefficient

ICoreConnect Common  Mitesco

Excellent diversification

The 3 months correlation between ICoreConnect and Mitesco is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding iCoreConnect Common stock and Mitesco in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mitesco and ICoreConnect Common 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 iCoreConnect Common stock are associated (or correlated) with Mitesco. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mitesco has no effect on the direction of ICoreConnect Common i.e., ICoreConnect Common and Mitesco go up and down completely randomly.

Pair Corralation between ICoreConnect Common and Mitesco

Given the investment horizon of 90 days iCoreConnect Common stock is expected to under-perform the Mitesco. But the stock apears to be less risky and, when comparing its historical volatility, iCoreConnect Common stock is 4.49 times less risky than Mitesco. The stock trades about -0.17 of its potential returns per unit of risk. The Mitesco is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest  57.00  in Mitesco on September 6, 2024 and sell it today you would lose (31.00) from holding Mitesco or give up 54.39% of portfolio value over 90 days.

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

iCoreConnect Common stock  vs.  Mitesco

iCoreConnect Common stock

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days iCoreConnect Common stock has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's fundamental indicators remain comparatively stable which may send shares a bit higher in January 2025. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.

Mitesco

Risk-Adjusted Performance

12 of 100

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Mitesco are ranked lower than 12 (%) of all global equities and portfolios over the last 90 days. Despite fairly abnormal basic indicators, Mitesco demonstrated solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with ICoreConnect Common and Mitesco

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

The idea behind iCoreConnect Common stock and Mitesco 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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.