Correlation Between Icon Energy and Concorde International
Can any of the company-specific risk be diversified away by investing in both Icon Energy and Concorde International 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 Icon Energy and Concorde International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Icon Energy Corp and Concorde International Group, you can compare the effects of market volatilities on Icon Energy and Concorde International 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 Icon Energy with a short position of Concorde International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Icon Energy and Concorde International.
Diversification Opportunities for Icon Energy and Concorde International
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Icon and Concorde is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Icon Energy Corp and Concorde International Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Concorde International and Icon Energy 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 Icon Energy Corp are associated (or correlated) with Concorde International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Concorde International has no effect on the direction of Icon Energy i.e., Icon Energy and Concorde International go up and down completely randomly.
Pair Corralation between Icon Energy and Concorde International
Given the investment horizon of 90 days Icon Energy Corp is expected to under-perform the Concorde International. But the stock apears to be less risky and, when comparing its historical volatility, Icon Energy Corp is 5.69 times less risky than Concorde International. The stock trades about -0.31 of its potential returns per unit of risk. The Concorde International Group is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 181.00 in Concorde International Group on August 17, 2025 and sell it today you would earn a total of 34.00 from holding Concorde International Group or generate 18.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Icon Energy Corp vs. Concorde International Group
Performance |
| Timeline |
| Icon Energy Corp |
| Concorde International |
Icon Energy and Concorde International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Icon Energy and Concorde International
The main advantage of trading using opposite Icon Energy and Concorde International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Icon Energy position performs unexpectedly, Concorde International 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 Concorde International will offset losses from the drop in Concorde International's long position.| Icon Energy vs. Digital Ally | Icon Energy vs. Erayak Power Solution | Icon Energy vs. Lichen China Limited | Icon Energy vs. C3is Inc |
| Concorde International vs. Bridger Aerospace Group | Concorde International vs. Iveda Solutions | Concorde International vs. BIO Key International | Concorde International vs. Expion360 |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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