Correlation Between Affimed NV and Clearmind Medicine
Can any of the company-specific risk be diversified away by investing in both Affimed NV and Clearmind Medicine 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 Affimed NV and Clearmind Medicine into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Affimed NV and Clearmind Medicine Common, you can compare the effects of market volatilities on Affimed NV and Clearmind Medicine 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 Affimed NV with a short position of Clearmind Medicine. Check out your portfolio center. Please also check ongoing floating volatility patterns of Affimed NV and Clearmind Medicine.
Diversification Opportunities for Affimed NV and Clearmind Medicine
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Affimed and Clearmind is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Affimed NV and Clearmind Medicine Common in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Clearmind Medicine Common and Affimed NV 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 Affimed NV are associated (or correlated) with Clearmind Medicine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Clearmind Medicine Common has no effect on the direction of Affimed NV i.e., Affimed NV and Clearmind Medicine go up and down completely randomly.
Pair Corralation between Affimed NV and Clearmind Medicine
Given the investment horizon of 90 days Affimed NV is expected to generate 0.84 times more return on investment than Clearmind Medicine. However, Affimed NV is 1.19 times less risky than Clearmind Medicine. It trades about 0.01 of its potential returns per unit of risk. Clearmind Medicine Common is currently generating about -0.02 per unit of risk. If you would invest 400.00 in Affimed NV on September 2, 2024 and sell it today you would lose (116.00) from holding Affimed NV or give up 29.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Affimed NV vs. Clearmind Medicine Common
Performance |
| Timeline |
| Affimed NV |
| Clearmind Medicine Common |
Affimed NV and Clearmind Medicine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Affimed NV and Clearmind Medicine
The main advantage of trading using opposite Affimed NV and Clearmind Medicine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Affimed NV position performs unexpectedly, Clearmind Medicine 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 Clearmind Medicine will offset losses from the drop in Clearmind Medicine's long position.| Affimed NV vs. Pieris Pharmaceuticals | Affimed NV vs. ADC Therapeutics SA | Affimed NV vs. Agenus Inc | Affimed NV vs. X4 Pharmaceuticals |
| Clearmind Medicine vs. Tff Pharmaceuticals | Clearmind Medicine vs. Eliem Therapeutics | Clearmind Medicine vs. Inhibrx | Clearmind Medicine vs. Enliven Therapeutics |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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