Correlation Between Ingram Micro and ScanSource
Can any of the company-specific risk be diversified away by investing in both Ingram Micro and ScanSource 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 Ingram Micro and ScanSource into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ingram Micro Holding and ScanSource, you can compare the effects of market volatilities on Ingram Micro and ScanSource 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 Ingram Micro with a short position of ScanSource. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ingram Micro and ScanSource.
Diversification Opportunities for Ingram Micro and ScanSource
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Ingram and ScanSource is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Ingram Micro Holding and ScanSource in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ScanSource and Ingram Micro 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 Ingram Micro Holding are associated (or correlated) with ScanSource. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ScanSource has no effect on the direction of Ingram Micro i.e., Ingram Micro and ScanSource go up and down completely randomly.
Pair Corralation between Ingram Micro and ScanSource
Given the investment horizon of 90 days Ingram Micro is expected to generate 1.19 times less return on investment than ScanSource. In addition to that, Ingram Micro is 1.19 times more volatile than ScanSource. It trades about 0.14 of its total potential returns per unit of risk. ScanSource is currently generating about 0.2 per unit of volatility. If you would invest 3,286 in ScanSource on April 28, 2025 and sell it today you would earn a total of 819.00 from holding ScanSource or generate 24.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ingram Micro Holding vs. ScanSource
Performance |
| Timeline |
| Ingram Micro Holding |
| ScanSource |
Ingram Micro and ScanSource Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ingram Micro and ScanSource
The main advantage of trading using opposite Ingram Micro and ScanSource positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ingram Micro position performs unexpectedly, ScanSource 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 ScanSource will offset losses from the drop in ScanSource's long position.| Ingram Micro vs. Cabo Drilling Corp | Ingram Micro vs. Grupo Televisa SAB | Ingram Micro vs. Drilling Tools International | Ingram Micro vs. Pembina Pipeline |
| ScanSource vs. PC Connection | ScanSource vs. Insight Enterprises | ScanSource vs. Climb Global Solutions | ScanSource vs. Synnex |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
Other Complementary Tools
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |