Correlation Between Aquestive Therapeutics and 90320LAG2
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By analyzing existing cross correlation between Aquestive Therapeutics and UPC HLDG BV, you can compare the effects of market volatilities on Aquestive Therapeutics and 90320LAG2 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 Aquestive Therapeutics with a short position of 90320LAG2. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aquestive Therapeutics and 90320LAG2.
Diversification Opportunities for Aquestive Therapeutics and 90320LAG2
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Aquestive and 90320LAG2 is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Aquestive Therapeutics and UPC HLDG BV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UPC HLDG BV and Aquestive Therapeutics 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 Aquestive Therapeutics are associated (or correlated) with 90320LAG2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UPC HLDG BV has no effect on the direction of Aquestive Therapeutics i.e., Aquestive Therapeutics and 90320LAG2 go up and down completely randomly.
Pair Corralation between Aquestive Therapeutics and 90320LAG2
Given the investment horizon of 90 days Aquestive Therapeutics is expected to under-perform the 90320LAG2. In addition to that, Aquestive Therapeutics is 4.69 times more volatile than UPC HLDG BV. It trades about -0.17 of its total potential returns per unit of risk. UPC HLDG BV is currently generating about -0.23 per unit of volatility. If you would invest 9,875 in UPC HLDG BV on August 25, 2024 and sell it today you would lose (345.00) from holding UPC HLDG BV or give up 3.49% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 73.91% |
| Values | Daily Returns |
Aquestive Therapeutics vs. UPC HLDG BV
Performance |
| Timeline |
| Aquestive Therapeutics |
| UPC HLDG BV |
Aquestive Therapeutics and 90320LAG2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aquestive Therapeutics and 90320LAG2
The main advantage of trading using opposite Aquestive Therapeutics and 90320LAG2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aquestive Therapeutics position performs unexpectedly, 90320LAG2 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 90320LAG2 will offset losses from the drop in 90320LAG2's long position.| Aquestive Therapeutics vs. Capricor Therapeutics | Aquestive Therapeutics vs. Akari Therapeutics PLC | Aquestive Therapeutics vs. Soleno Therapeutics | Aquestive Therapeutics vs. Bio Path Holdings |
| 90320LAG2 vs. Viemed Healthcare | 90320LAG2 vs. Primoris Services | 90320LAG2 vs. Highway Holdings Limited | 90320LAG2 vs. Aquestive 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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