Correlation Between Prog Hldgs and 1inch

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Can any of the company-specific risk be diversified away by investing in both Prog Hldgs and 1inch 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 Prog Hldgs and 1inch into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Prog Hldgs and 1inch, you can compare the effects of market volatilities on Prog Hldgs and 1inch 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 Prog Hldgs with a short position of 1inch. Check out your portfolio center. Please also check ongoing floating volatility patterns of Prog Hldgs and 1inch.

Diversification Opportunities for Prog Hldgs and 1inch

0.68
  Correlation Coefficient

Poor diversification

The 3 months correlation between Prog Hldgs and 1inch is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Prog Hldgs and 1inch in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 1inch and Prog Hldgs 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 Prog Hldgs are associated (or correlated) with 1inch. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 1inch has no effect on the direction of Prog Hldgs i.e., Prog Hldgs and 1inch go up and down completely randomly.

Pair Corralation between Prog Hldgs and 1inch

Considering the 90-day investment horizon Prog Hldgs is expected to generate 0.64 times more return on investment than 1inch. However, Prog Hldgs is 1.56 times less risky than 1inch. It trades about -0.03 of its potential returns per unit of risk. 1inch is currently generating about -0.02 per unit of risk. If you would invest  5,172  in Prog Hldgs on July 8, 2022 and sell it today you would lose (3,553)  from holding Prog Hldgs or give up 68.7% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy96.73%
ValuesDaily Returns

Prog Hldgs  vs.  1inch

 Performance (%) 
       Timeline  
Prog Hldgs 
Prog Hldgs Performance
0 of 100
Over the last 90 days Prog Hldgs has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound basic indicators, Prog Hldgs is not utilizing all of its potentials. The latest stock price tumult, may contribute to shorter-term losses for the shareholders.

Prog Hldgs Price Channel

1inch 
1inch Performance
0 of 100
Over the last 90 days 1inch has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest weak performance, the Crypto's fundamental indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for 1inch investors.

1inch Price Channel

Prog Hldgs and 1inch Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Prog Hldgs and 1inch

The main advantage of trading using opposite Prog Hldgs and 1inch positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Prog Hldgs position performs unexpectedly, 1inch 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 1inch will offset losses from the drop in 1inch's long position.
Prog Hldgs vs. Amazon Inc
The idea behind Prog Hldgs and 1inch 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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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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.

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