Correlation Between Ihuman and Myndai,

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

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

Diversification Opportunities for Ihuman and Myndai,

-0.43

Correlation Coefficient

Ihuman  Myndai,

Very good diversification

The 3 months correlation between Ihuman and Myndai, is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Ihuman Inc and Myndai, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Myndai, and Ihuman 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 Ihuman Inc are associated (or correlated) with Myndai,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Myndai, has no effect on the direction of Ihuman i.e., Ihuman and Myndai, go up and down completely randomly.

Pair Corralation between Ihuman and Myndai,

Allowing for the 90-day total investment horizon Ihuman Inc is expected to generate 0.65 times more return on investment than Myndai,. However, Ihuman Inc is 1.53 times less risky than Myndai,. It trades about 0.33 of its potential returns per unit of risk. Myndai, is currently generating about -0.18 per unit of risk. If you would invest  172.00  in Ihuman Inc on December 2, 2024 and sell it today you would earn a total of  33.00  from holding Ihuman Inc or generate 19.19% return on investment over 90 days.

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

Ihuman Inc  vs.  Myndai,

Ihuman Inc

Risk-Adjusted Performance

OK

Compared to the overall equity markets, risk-adjusted returns on investments in Ihuman Inc are ranked lower than 10 (%) of all global equities and portfolios over the last 90 days. Despite fairly weak technical indicators, Ihuman demonstrated solid returns over the last few months and may actually be approaching a breakup point.

Myndai,

Risk-Adjusted Performance

Very Weak

Over the last 90 days Myndai, has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fragile performance in the last few months, the Stock's basic indicators remain rather sound which may send shares a bit higher in April 2025. The latest tumult may also be a sign of longer-term up-swing for the firm shareholders.

Pair Trading with Ihuman and Myndai,

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

The idea behind Ihuman Inc and Myndai, 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.