Correlation Between NOVA Technology and Cogent Communications
Specify exactly 2 symbols:
By analyzing existing cross correlation between NOVA Technology and Cogent Communications Group, you can compare the effects of market volatilities on NOVA Technology and Cogent Communications 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 NOVA Technology with a short position of Cogent Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of NOVA Technology and Cogent Communications.
Diversification Opportunities for NOVA Technology and Cogent Communications
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between NOVA and Cogent is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding NOVA Technology and Cogent Communications Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cogent Communications and NOVA Technology 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 NOVA Technology are associated (or correlated) with Cogent Communications. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cogent Communications has no effect on the direction of NOVA Technology i.e., NOVA Technology and Cogent Communications go up and down completely randomly.
Pair Corralation between NOVA Technology and Cogent Communications
Assuming the 90 days trading horizon NOVA Technology is expected to generate 0.13 times more return on investment than Cogent Communications. However, NOVA Technology is 7.93 times less risky than Cogent Communications. It trades about 0.3 of its potential returns per unit of risk. Cogent Communications Group is currently generating about -0.44 per unit of risk. If you would invest 2,210 in NOVA Technology on August 20, 2025 and sell it today you would earn a total of 151.00 from holding NOVA Technology or generate 6.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
NOVA Technology vs. Cogent Communications Group
Performance |
| Timeline |
| NOVA Technology |
| Cogent Communications |
NOVA Technology and Cogent Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NOVA Technology and Cogent Communications
The main advantage of trading using opposite NOVA Technology and Cogent Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NOVA Technology position performs unexpectedly, Cogent Communications 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 Cogent Communications will offset losses from the drop in Cogent Communications' long position.| NOVA Technology vs. China Longyuan Power | NOVA Technology vs. PetroChina Co Ltd | NOVA Technology vs. Guangxi Guiguan Electric | NOVA Technology vs. Jiayuan Science and |
| Cogent Communications vs. Liberty Broadband Srs | Cogent Communications vs. Charter Communications | Cogent Communications vs. Liberty Broadband Srs | Cogent Communications vs. TIM Participacoes SA |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes |