Correlation Between Viant Technology and Logiq

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

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

Diversification Opportunities for Viant Technology and Logiq

-0.58

Correlation Coefficient

Viant Technology  Logiq

Excellent diversification

The 3 months correlation between Viant and Logiq is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Viant Technology and Logiq Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Logiq Inc and Viant 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 Viant Technology are associated (or correlated) with Logiq. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Logiq Inc has no effect on the direction of Viant Technology i.e., Viant Technology and Logiq go up and down completely randomly.

Pair Corralation between Viant Technology and Logiq

Considering the 90-day investment horizon Viant Technology is expected to generate 0.4 times more return on investment than Logiq. However, Viant Technology is 2.48 times less risky than Logiq. It trades about 0.31 of its potential returns per unit of risk. Logiq Inc is currently generating about -0.06 per unit of risk. If you would invest  1,085  in Viant Technology on September 13, 2024 and sell it today you would earn a total of  1,019  from holding Viant Technology or generate 93.92% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Very Weak
Accuracy	100.0%
Values	Daily Returns

Viant Technology  vs.  Logiq Inc

Viant Technology

Risk-Adjusted Performance

24 of 100

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Viant Technology are ranked lower than 24 (%) of all global equities and portfolios over the last 90 days. Even with relatively abnormal basic indicators, Viant Technology reported solid returns over the last few months and may actually be approaching a breakup point.

Logiq Inc

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Logiq Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Even with unfluctuating performance in the last few months, the Stock's forward indicators remain relatively invariable which may send shares a bit higher in January 2025. The latest agitation may also be a sign of long-running up-swing for the enterprise retail investors.

Pair Trading with Viant Technology and Logiq

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

The idea behind Viant Technology and Logiq 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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.