Correlation Between IClick Interactive and A10 Network
Can any of the company-specific risk be diversified away by investing in both IClick Interactive and A10 Network 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 IClick Interactive and A10 Network into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between iClick Interactive Asia and A10 Network, you can compare the effects of market volatilities on IClick Interactive and A10 Network 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 IClick Interactive with a short position of A10 Network. Check out your portfolio center. Please also check ongoing floating volatility patterns of IClick Interactive and A10 Network.
Diversification Opportunities for IClick Interactive and A10 Network
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between IClick and A10 is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding iClick Interactive Asia and A10 Network in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on A10 Network and IClick Interactive 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 iClick Interactive Asia are associated (or correlated) with A10 Network. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of A10 Network has no effect on the direction of IClick Interactive i.e., IClick Interactive and A10 Network go up and down completely randomly.
Pair Corralation between IClick Interactive and A10 Network
Given the investment horizon of 90 days iClick Interactive Asia is expected to under-perform the A10 Network. In addition to that, IClick Interactive is 3.01 times more volatile than A10 Network. It trades about -0.36 of its total potential returns per unit of risk. A10 Network is currently generating about -0.01 per unit of volatility. If you would invest 1,368 in A10 Network on January 27, 2024 and sell it today you would lose (10.00) from holding A10 Network or give up 0.73% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
iClick Interactive Asia vs. A10 Network
Performance |
| Timeline |
| iClick Interactive Asia |
| A10 Network |
IClick Interactive and A10 Network Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IClick Interactive and A10 Network
The main advantage of trading using opposite IClick Interactive and A10 Network positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IClick Interactive position performs unexpectedly, A10 Network 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 A10 Network will offset losses from the drop in A10 Network's long position.| IClick Interactive vs. Mirriad Advertising plc | IClick Interactive vs. INEO Tech Corp | IClick Interactive vs. Entravision Communications | IClick Interactive vs. Cimpress NV |
| A10 Network vs. Zscaler | A10 Network vs. Cloudflare | A10 Network vs. Okta Inc | A10 Network vs. Adobe Systems Incorporated |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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