Correlation Between Viant Technology and Nogin

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

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

Diversification Opportunities for Viant Technology and Nogin

-0.76

Correlation Coefficient

Viant Technology  Nogin

Pay attention - limited upside

The 3 months correlation between Viant and Nogin is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Viant Technology and Nogin Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nogin 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 Nogin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nogin Inc has no effect on the direction of Viant Technology i.e., Viant Technology and Nogin go up and down completely randomly.

Pair Corralation between Viant Technology and Nogin

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	Weak
Accuracy	1.59%
Values	Daily Returns

Viant Technology  vs.  Nogin 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.

Nogin Inc

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Nogin Inc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy technical and fundamental indicators, Nogin is not utilizing all of its potentials. The recent stock price disarray, may contribute to short-term losses for the investors.

Pair Trading with Viant Technology and Nogin

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

The idea behind Viant Technology and Nogin 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.

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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..