Correlation Between Appgate and Tingo

Can any of the company-specific risk be diversified away by investing in both Appgate and Tingo 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 Appgate and Tingo into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Appgate and Tingo Inc, you can compare the effects of market volatilities on Appgate and Tingo 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 Appgate with a short position of Tingo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Appgate and Tingo.

Diversification Opportunities for Appgate and Tingo

0.0

Correlation Coefficient

Appgate  Tingo

Pay attention - limited upside

The 3 months correlation between Appgate and Tingo is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Appgate and Tingo Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tingo Inc and Appgate 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 Appgate are associated (or correlated) with Tingo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tingo Inc has no effect on the direction of Appgate i.e., Appgate and Tingo go up and down completely randomly.

Pair Corralation between Appgate and Tingo

If you would invest  0.01  in Tingo Inc on September 16, 2024 and sell it today you would earn a total of  0.00  from holding Tingo Inc or generate 0.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	1.54%
Values	Daily Returns

Appgate  vs.  Tingo Inc

Appgate

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Appgate has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable technical and fundamental indicators, Appgate is not utilizing all of its potentials. The latest stock price uproar, may contribute to short-horizon losses for the private investors.

Tingo Inc

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Tingo Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, Tingo is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Pair Trading with Appgate and Tingo

The main advantage of trading using opposite Appgate and Tingo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Appgate position performs unexpectedly, Tingo 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 Tingo will offset losses from the drop in Tingo's long position.

The idea behind Appgate and Tingo Inc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.