Correlation Between Apollomics and Inter Parfums
Can any of the company-specific risk be diversified away by investing in both Apollomics and Inter Parfums 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 Apollomics and Inter Parfums into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apollomics Class A and Inter Parfums, you can compare the effects of market volatilities on Apollomics and Inter Parfums 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 Apollomics with a short position of Inter Parfums. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apollomics and Inter Parfums.
Diversification Opportunities for Apollomics and Inter Parfums
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Apollomics and Inter is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Apollomics Class A and Inter Parfums in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inter Parfums and Apollomics 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 Apollomics Class A are associated (or correlated) with Inter Parfums. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inter Parfums has no effect on the direction of Apollomics i.e., Apollomics and Inter Parfums go up and down completely randomly.
Pair Corralation between Apollomics and Inter Parfums
Given the investment horizon of 90 days Apollomics Class A is expected to under-perform the Inter Parfums. In addition to that, Apollomics is 3.75 times more volatile than Inter Parfums. It trades about -0.1 of its total potential returns per unit of risk. Inter Parfums is currently generating about 0.0 per unit of volatility. If you would invest 13,651 in Inter Parfums on December 3, 2024 and sell it today you would lose (66.00) from holding Inter Parfums or give up 0.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Apollomics Class A vs. Inter Parfums
Performance |
| Timeline |
| Apollomics Class A |
| Inter Parfums |
Apollomics and Inter Parfums Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apollomics and Inter Parfums
The main advantage of trading using opposite Apollomics and Inter Parfums positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apollomics position performs unexpectedly, Inter Parfums 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 Inter Parfums will offset losses from the drop in Inter Parfums' long position.| Apollomics vs. Getty Realty | ||
| Apollomics vs. Asbury Automotive Group | ||
| Apollomics vs. Village Super Market | ||
| Apollomics vs. PetMed Express |
| Inter Parfums vs. J J Snack | ||
| Inter Parfums vs. John B Sanfilippo | ||
| Inter Parfums vs. Innospec | ||
| Inter Parfums vs. Independent Bank |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |