Correlation Between SPAGO NANOMEDICAL and Intel
Can any of the company-specific risk be diversified away by investing in both SPAGO NANOMEDICAL and Intel 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 SPAGO NANOMEDICAL and Intel into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SPAGO NANOMEDICAL AB and Intel, you can compare the effects of market volatilities on SPAGO NANOMEDICAL and Intel 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 SPAGO NANOMEDICAL with a short position of Intel. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPAGO NANOMEDICAL and Intel.
Diversification Opportunities for SPAGO NANOMEDICAL and Intel
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between SPAGO and Intel is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding SPAGO NANOMEDICAL AB and Intel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intel and SPAGO NANOMEDICAL 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 SPAGO NANOMEDICAL AB are associated (or correlated) with Intel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intel has no effect on the direction of SPAGO NANOMEDICAL i.e., SPAGO NANOMEDICAL and Intel go up and down completely randomly.
Pair Corralation between SPAGO NANOMEDICAL and Intel
Assuming the 90 days horizon SPAGO NANOMEDICAL is expected to generate 1.13 times less return on investment than Intel. In addition to that, SPAGO NANOMEDICAL is 1.88 times more volatile than Intel. It trades about 0.11 of its total potential returns per unit of risk. Intel is currently generating about 0.24 per unit of volatility. If you would invest 1,941 in Intel on October 22, 2024 and sell it today you would earn a total of 187.00 from holding Intel or generate 9.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 94.12% |
| Values | Daily Returns |
SPAGO NANOMEDICAL AB vs. Intel
Performance |
| Timeline |
| SPAGO NANOMEDICAL |
| Intel |
SPAGO NANOMEDICAL and Intel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SPAGO NANOMEDICAL and Intel
The main advantage of trading using opposite SPAGO NANOMEDICAL and Intel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPAGO NANOMEDICAL position performs unexpectedly, Intel 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 Intel will offset losses from the drop in Intel's long position.| SPAGO NANOMEDICAL vs. Novo Nordisk AS | SPAGO NANOMEDICAL vs. CSL LTD SPONADR | SPAGO NANOMEDICAL vs. CSL Limited | SPAGO NANOMEDICAL vs. Mercedes Benz Group AG |
| Intel vs. MEDICAL FACILITIES NEW | Intel vs. SPAGO NANOMEDICAL AB | Intel vs. Genertec Universal Medical | Intel vs. Diamyd Medical AB |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
Other Complementary Tools
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk |