Correlation Between Aptiv PLC and Celsion Corp
Can any of the company-specific risk be diversified away by investing in both Aptiv PLC and Celsion Corp 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 Aptiv PLC and Celsion Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aptiv PLC and Celsion Corp, you can compare the effects of market volatilities on Aptiv PLC and Celsion Corp 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 Aptiv PLC with a short position of Celsion Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aptiv PLC and Celsion Corp.
Diversification Opportunities for Aptiv PLC and Celsion Corp
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aptiv and Celsion is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aptiv PLC and Celsion Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Celsion Corp and Aptiv PLC 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 Aptiv PLC are associated (or correlated) with Celsion Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Celsion Corp has no effect on the direction of Aptiv PLC i.e., Aptiv PLC and Celsion Corp go up and down completely randomly.
Pair Corralation between Aptiv PLC and Celsion Corp
If you would invest 5,593 in Aptiv PLC on September 12, 2024 and sell it today you would earn a total of 296.00 from holding Aptiv PLC or generate 5.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Aptiv PLC vs. Celsion Corp
Performance |
| Timeline |
| Aptiv PLC |
| Celsion Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Aptiv PLC and Celsion Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aptiv PLC and Celsion Corp
The main advantage of trading using opposite Aptiv PLC and Celsion Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aptiv PLC position performs unexpectedly, Celsion Corp 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 Celsion Corp will offset losses from the drop in Celsion Corp's long position.| Aptiv PLC vs. Cooper Stnd | Aptiv PLC vs. Motorcar Parts of | Aptiv PLC vs. Stoneridge | Aptiv PLC vs. Dorman Products |
| Celsion Corp vs. Canlan Ice Sports | Celsion Corp vs. Saia Inc | Celsion Corp vs. Ryanair Holdings PLC | Celsion Corp vs. Academy Sports Outdoors |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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