Correlation Between Mind Technology and Icon Information
Can any of the company-specific risk be diversified away by investing in both Mind Technology and Icon Information 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 Mind Technology and Icon Information into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mind Technology and Icon Information Technology, you can compare the effects of market volatilities on Mind Technology and Icon Information 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 Mind Technology with a short position of Icon Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mind Technology and Icon Information.
Diversification Opportunities for Mind Technology and Icon Information
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Mind and Icon is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Mind Technology and Icon Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Icon Information Tec and Mind Technology 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 Mind Technology are associated (or correlated) with Icon Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Icon Information Tec has no effect on the direction of Mind Technology i.e., Mind Technology and Icon Information go up and down completely randomly.
Pair Corralation between Mind Technology and Icon Information
Given the investment horizon of 90 days Mind Technology is expected to generate 6.46 times more return on investment than Icon Information. However, Mind Technology is 6.46 times more volatile than Icon Information Technology. It trades about 0.17 of its potential returns per unit of risk. Icon Information Technology is currently generating about 0.15 per unit of risk. If you would invest 625.00 in Mind Technology on May 29, 2025 and sell it today you would earn a total of 448.00 from holding Mind Technology or generate 71.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 98.41% |
| Values | Daily Returns |
Mind Technology vs. Icon Information Technology
Performance |
| Timeline |
| Mind Technology |
| Icon Information Tec |
Mind Technology and Icon Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mind Technology and Icon Information
The main advantage of trading using opposite Mind Technology and Icon Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mind Technology position performs unexpectedly, Icon Information 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 Icon Information will offset losses from the drop in Icon Information's long position.| Mind Technology vs. Kraken Robotics | Mind Technology vs. SaverOne 2014 Ltd | Mind Technology vs. Focus Universal | Mind Technology vs. Nanalysis Scientific Corp |
| Icon Information vs. Artisan Small Cap | Icon Information vs. Tfa Alphagen Growth | Icon Information vs. L Abbett Growth | Icon Information vs. Growth Allocation Fund |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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