Correlation Between ICoreConnect Common and Pear Therapeutics

Can any of the company-specific risk be diversified away by investing in both ICoreConnect Common and Pear Therapeutics 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 Pear Therapeutics 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 Pear Therapeutics, you can compare the effects of market volatilities on ICoreConnect Common and Pear Therapeutics 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 Pear Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of ICoreConnect Common and Pear Therapeutics.

Diversification Opportunities for ICoreConnect Common and Pear Therapeutics

0.0

Correlation Coefficient

ICoreConnect Common  Pear Therapeutics

Pay attention - limited upside

The 3 months correlation between ICoreConnect and Pear is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding iCoreConnect Common stock and Pear Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pear Therapeutics 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 Pear Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pear Therapeutics has no effect on the direction of ICoreConnect Common i.e., ICoreConnect Common and Pear Therapeutics go up and down completely randomly.

Pair Corralation between ICoreConnect Common and Pear Therapeutics

If you would invest (100.00) in Pear Therapeutics on October 11, 2024 and sell it today you would earn a total of  100.00  from holding Pear Therapeutics or generate -100.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

iCoreConnect Common stock  vs.  Pear Therapeutics

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 February 2025. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.

Pear Therapeutics

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Pear Therapeutics has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable basic indicators, Pear Therapeutics is not utilizing all of its potentials. The current stock price agitation, may contribute to short-term losses for the retail investors.

Pair Trading with ICoreConnect Common and Pear Therapeutics

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

The idea behind iCoreConnect Common stock and Pear Therapeutics 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.