Correlation Between Adimmune Corp and Nan Ya
Can any of the company-specific risk be diversified away by investing in both Adimmune Corp and Nan Ya 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 Adimmune Corp and Nan Ya into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Adimmune Corp and Nan Ya Printed, you can compare the effects of market volatilities on Adimmune Corp and Nan Ya 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 Adimmune Corp with a short position of Nan Ya. Check out your portfolio center. Please also check ongoing floating volatility patterns of Adimmune Corp and Nan Ya.
Diversification Opportunities for Adimmune Corp and Nan Ya
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Adimmune and Nan is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Adimmune Corp and Nan Ya Printed in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nan Ya Printed and Adimmune Corp 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 Adimmune Corp are associated (or correlated) with Nan Ya. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nan Ya Printed has no effect on the direction of Adimmune Corp i.e., Adimmune Corp and Nan Ya go up and down completely randomly.
Pair Corralation between Adimmune Corp and Nan Ya
Assuming the 90 days trading horizon Adimmune Corp is expected to generate 1.14 times less return on investment than Nan Ya. In addition to that, Adimmune Corp is 1.19 times more volatile than Nan Ya Printed. It trades about 0.13 of its total potential returns per unit of risk. Nan Ya Printed is currently generating about 0.18 per unit of volatility. If you would invest 11,750 in Nan Ya Printed on October 24, 2024 and sell it today you would earn a total of 1,450 from holding Nan Ya Printed or generate 12.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Adimmune Corp vs. Nan Ya Printed
Performance |
| Timeline |
| Adimmune Corp |
| Nan Ya Printed |
Adimmune Corp and Nan Ya Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Adimmune Corp and Nan Ya
The main advantage of trading using opposite Adimmune Corp and Nan Ya positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Adimmune Corp position performs unexpectedly, Nan Ya 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 Nan Ya will offset losses from the drop in Nan Ya's long position.| Adimmune Corp vs. Medigen Vaccine Biologics | Adimmune Corp vs. SCI Pharmtech | Adimmune Corp vs. Chunghwa Chemical Synthesis | Adimmune Corp vs. ScinoPharm Taiwan |
| Nan Ya vs. Unimicron Technology Corp | Nan Ya vs. Kinsus Interconnect Technology | Nan Ya vs. Novatek Microelectronics Corp | Nan Ya vs. Delta Electronics |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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