Correlation Between Digimarc and ASGN
Can any of the company-specific risk be diversified away by investing in both Digimarc and ASGN 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 Digimarc and ASGN into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Digimarc and ASGN Inc, you can compare the effects of market volatilities on Digimarc and ASGN 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 Digimarc with a short position of ASGN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Digimarc and ASGN.
Diversification Opportunities for Digimarc and ASGN
Significant diversification
The 3 months correlation between Digimarc and ASGN is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Digimarc and ASGN Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ASGN Inc and Digimarc 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 Digimarc are associated (or correlated) with ASGN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ASGN Inc has no effect on the direction of Digimarc i.e., Digimarc and ASGN go up and down completely randomly.
Pair Corralation between Digimarc and ASGN
Given the investment horizon of 90 days Digimarc is expected to under-perform the ASGN. In addition to that, Digimarc is 1.08 times more volatile than ASGN Inc. It trades about -0.01 of its total potential returns per unit of risk. ASGN Inc is currently generating about 0.06 per unit of volatility. If you would invest 5,038 in ASGN Inc on April 30, 2025 and sell it today you would earn a total of 390.00 from holding ASGN Inc or generate 7.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Digimarc vs. ASGN Inc
Performance |
| Timeline |
| Digimarc |
| ASGN Inc |
Digimarc and ASGN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Digimarc and ASGN
The main advantage of trading using opposite Digimarc and ASGN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Digimarc position performs unexpectedly, ASGN 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 ASGN will offset losses from the drop in ASGN's long position.| Digimarc vs. CSP Inc | Digimarc vs. Digi International | Digimarc vs. Formula Systems 1985 | Digimarc vs. Grid Dynamics Holdings |
| ASGN vs. CLARIVATE PLC | ASGN vs. ExlService Holdings | ASGN vs. Genpact Limited | ASGN vs. Science Applications International |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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