Correlation Between Ainos and Cellink AB
Can any of the company-specific risk be diversified away by investing in both Ainos and Cellink AB 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 Ainos and Cellink AB into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ainos Inc and Cellink AB, you can compare the effects of market volatilities on Ainos and Cellink AB 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 Ainos with a short position of Cellink AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ainos and Cellink AB.
Diversification Opportunities for Ainos and Cellink AB
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Ainos and Cellink is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Ainos Inc and Cellink AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cellink AB and Ainos 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 Ainos Inc are associated (or correlated) with Cellink AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cellink AB has no effect on the direction of Ainos i.e., Ainos and Cellink AB go up and down completely randomly.
Pair Corralation between Ainos and Cellink AB
Assuming the 90 days horizon Ainos Inc is expected to generate 37.8 times more return on investment than Cellink AB. However, Ainos is 37.8 times more volatile than Cellink AB. It trades about 0.23 of its potential returns per unit of risk. Cellink AB is currently generating about -0.04 per unit of risk. If you would invest 0.00 in Ainos Inc on November 2, 2024 and sell it today you would earn a total of 15.00 from holding Ainos Inc or generate 9.223372036854776E16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 32.71% |
| Values | Daily Returns |
Ainos Inc vs. Cellink AB
Performance |
| Timeline |
| Ainos Inc |
| Cellink AB |
Ainos and Cellink AB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ainos and Cellink AB
The main advantage of trading using opposite Ainos and Cellink AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ainos position performs unexpectedly, Cellink AB 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 Cellink AB will offset losses from the drop in Cellink AB's long position.| Ainos vs. Alignment Healthcare LLC | Ainos vs. Summit Materials | Ainos vs. Nicola Mining | Ainos vs. Inflection Point Acquisition |
| Cellink AB vs. Aurora Spine | Cellink AB vs. Ainos Inc | Cellink AB vs. Armm Inc | Cellink AB vs. Bone Biologics Corp |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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