Correlation Between ADDvise Group and Immunovia Publ
Can any of the company-specific risk be diversified away by investing in both ADDvise Group and Immunovia Publ 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 ADDvise Group and Immunovia Publ into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ADDvise Group B and Immunovia publ AB, you can compare the effects of market volatilities on ADDvise Group and Immunovia Publ 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 ADDvise Group with a short position of Immunovia Publ. Check out your portfolio center. Please also check ongoing floating volatility patterns of ADDvise Group and Immunovia Publ.
Diversification Opportunities for ADDvise Group and Immunovia Publ
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between ADDvise and Immunovia is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding ADDvise Group B and Immunovia publ AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Immunovia publ AB and ADDvise Group 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 ADDvise Group B are associated (or correlated) with Immunovia Publ. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Immunovia publ AB has no effect on the direction of ADDvise Group i.e., ADDvise Group and Immunovia Publ go up and down completely randomly.
Pair Corralation between ADDvise Group and Immunovia Publ
Assuming the 90 days trading horizon ADDvise Group B is expected to under-perform the Immunovia Publ. But the stock apears to be less risky and, when comparing its historical volatility, ADDvise Group B is 1.38 times less risky than Immunovia Publ. The stock trades about -0.16 of its potential returns per unit of risk. The Immunovia publ AB is currently generating about 0.26 of returns per unit of risk over similar time horizon. If you would invest 59.00 in Immunovia publ AB on September 1, 2024 and sell it today you would earn a total of 26.00 from holding Immunovia publ AB or generate 44.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ADDvise Group B vs. Immunovia publ AB
Performance |
| Timeline |
| ADDvise Group B |
| Immunovia publ AB |
ADDvise Group and Immunovia Publ Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ADDvise Group and Immunovia Publ
The main advantage of trading using opposite ADDvise Group and Immunovia Publ positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ADDvise Group position performs unexpectedly, Immunovia Publ 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 Immunovia Publ will offset losses from the drop in Immunovia Publ's long position.| ADDvise Group vs. Xvivo Perfusion AB | ADDvise Group vs. BICO Group AB | ADDvise Group vs. Bactiguard Holding AB | ADDvise Group vs. Stille AB |
| Immunovia Publ vs. ADDvise Group B | Immunovia Publ vs. Hanza AB | Immunovia Publ vs. Awardit AB | Immunovia Publ vs. Doxa 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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