Correlation Between Logiq and Viant Technology

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

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

Diversification Opportunities for Logiq and Viant Technology

-0.58

Correlation Coefficient

Logiq  Viant Technology

Excellent diversification

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

Pair Corralation between Logiq and Viant Technology

Given the investment horizon of 90 days Logiq Inc is expected to under-perform the Viant Technology. In addition to that, Logiq is 2.48 times more volatile than Viant Technology. It trades about -0.06 of its total potential returns per unit of risk. Viant Technology is currently generating about 0.31 per unit of volatility. 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

Logiq Inc  vs.  Viant Technology

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.

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.

Pair Trading with Logiq and Viant Technology

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

The idea behind Logiq Inc and Viant Technology 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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.