Correlation Between Joby Aviation and Innodata
Can any of the company-specific risk be diversified away by investing in both Joby Aviation and Innodata 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 Joby Aviation and Innodata into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Joby Aviation and Innodata, you can compare the effects of market volatilities on Joby Aviation and Innodata 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 Joby Aviation with a short position of Innodata. Check out your portfolio center. Please also check ongoing floating volatility patterns of Joby Aviation and Innodata.
Diversification Opportunities for Joby Aviation and Innodata
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Joby and Innodata is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Joby Aviation and Innodata in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Innodata and Joby Aviation 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 Joby Aviation are associated (or correlated) with Innodata. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Innodata has no effect on the direction of Joby Aviation i.e., Joby Aviation and Innodata go up and down completely randomly.
Pair Corralation between Joby Aviation and Innodata
Given the investment horizon of 90 days Joby Aviation is expected to generate 1.06 times more return on investment than Innodata. However, Joby Aviation is 1.06 times more volatile than Innodata. It trades about 0.13 of its potential returns per unit of risk. Innodata is currently generating about 0.03 per unit of risk. If you would invest 944.00 in Joby Aviation on June 10, 2025 and sell it today you would earn a total of 402.00 from holding Joby Aviation or generate 42.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Joby Aviation vs. Innodata
Performance |
| Timeline |
| Joby Aviation |
| Innodata |
Joby Aviation and Innodata Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Joby Aviation and Innodata
The main advantage of trading using opposite Joby Aviation and Innodata positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Joby Aviation position performs unexpectedly, Innodata 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 Innodata will offset losses from the drop in Innodata's long position.| Joby Aviation vs. Blade Air Mobility | Joby Aviation vs. Wheels Up Experience | Joby Aviation vs. Chorus Aviation | Joby Aviation vs. Grupo Aeroportuario del |
| Innodata vs. BigBearai Holdings | Innodata vs. FiscalNote Holdings | Innodata vs. Grid Dynamics Holdings | Innodata vs. Innovative Solutions and |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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