Correlation Between Iveda Solutions and Galaxy Payroll
Can any of the company-specific risk be diversified away by investing in both Iveda Solutions and Galaxy Payroll 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 Iveda Solutions and Galaxy Payroll into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Iveda Solutions and Galaxy Payroll Group, you can compare the effects of market volatilities on Iveda Solutions and Galaxy Payroll 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 Iveda Solutions with a short position of Galaxy Payroll. Check out your portfolio center. Please also check ongoing floating volatility patterns of Iveda Solutions and Galaxy Payroll.
Diversification Opportunities for Iveda Solutions and Galaxy Payroll
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Iveda and Galaxy is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Iveda Solutions and Galaxy Payroll Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Galaxy Payroll Group and Iveda Solutions 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 Iveda Solutions are associated (or correlated) with Galaxy Payroll. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Galaxy Payroll Group has no effect on the direction of Iveda Solutions i.e., Iveda Solutions and Galaxy Payroll go up and down completely randomly.
Pair Corralation between Iveda Solutions and Galaxy Payroll
Given the investment horizon of 90 days Iveda Solutions is expected to under-perform the Galaxy Payroll. In addition to that, Iveda Solutions is 1.17 times more volatile than Galaxy Payroll Group. It trades about -0.07 of its total potential returns per unit of risk. Galaxy Payroll Group is currently generating about -0.06 per unit of volatility. If you would invest 505.00 in Galaxy Payroll Group on August 27, 2025 and sell it today you would lose (207.00) from holding Galaxy Payroll Group or give up 40.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Iveda Solutions vs. Galaxy Payroll Group
Performance |
| Timeline |
| Iveda Solutions |
| Galaxy Payroll Group |
Iveda Solutions and Galaxy Payroll Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Iveda Solutions and Galaxy Payroll
The main advantage of trading using opposite Iveda Solutions and Galaxy Payroll positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Iveda Solutions position performs unexpectedly, Galaxy Payroll 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 Galaxy Payroll will offset losses from the drop in Galaxy Payroll's long position.| Iveda Solutions vs. Tyson Foods | Iveda Solutions vs. Marfrig Global Foods | Iveda Solutions vs. Genufood Energy | Iveda Solutions vs. BBB Foods |
| Galaxy Payroll vs. Broadstone Net Lease | Galaxy Payroll vs. Canadian Utilities Limited | Galaxy Payroll vs. Tianjin Capital Environmental | Galaxy Payroll vs. United Rentals |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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