Correlation Between Nogin and Aclarion

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

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

Diversification Opportunities for Nogin and Aclarion

0.32

Correlation Coefficient

Nogin  Aclarion

Weak diversification

The 3 months correlation between Nogin and Aclarion is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Nogin Inc and Aclarion in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aclarion and Nogin 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 Nogin Inc are associated (or correlated) with Aclarion. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aclarion has no effect on the direction of Nogin i.e., Nogin and Aclarion go up and down completely randomly.

Pair Corralation between Nogin and Aclarion

If you would invest  19.00  in Aclarion on September 3, 2024 and sell it today you would lose (1.00) from holding Aclarion or give up 5.26% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Very Weak
Accuracy	1.56%
Values	Daily Returns

Nogin Inc  vs.  Aclarion

Nogin Inc

Risk-Adjusted Performance

0 of 100

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.

Aclarion

Risk-Adjusted Performance

1 of 100

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Aclarion are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of very weak basic indicators, Aclarion may actually be approaching a critical reversion point that can send shares even higher in January 2025.

Pair Trading with Nogin and Aclarion

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

The idea behind Nogin Inc and Aclarion 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 Commodity Directory module to find actively traded commodities issued by global exchanges.