Correlation Between Near Intelligence and Nogin

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

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

Diversification Opportunities for Near Intelligence and Nogin

0.0

Correlation Coefficient

Near Intelligence  Nogin

Pay attention - limited upside

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

Pair Corralation between Near Intelligence and Nogin

If you would invest (100.00) in Nogin Inc on December 27, 2024 and sell it today you would earn a total of  100.00  from holding Nogin Inc or generate -100.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

Near Intelligence  vs.  Nogin Inc

Near Intelligence

Risk-Adjusted Performance

Very Weak

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

Nogin Inc

Risk-Adjusted Performance

Very Weak

Over the last 90 days Nogin Inc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy technical and fundamental indicators, Nogin is not utilizing all of its potentials. The recent stock price disarray, may contribute to short-term losses for the investors.

Pair Trading with Near Intelligence and Nogin

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

The idea behind Near Intelligence and Nogin 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.