Correlation Between Ardelyx and SIMON
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By analyzing existing cross correlation between Ardelyx and SIMON PROPERTY GROUP, you can compare the effects of market volatilities on Ardelyx and SIMON 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 Ardelyx with a short position of SIMON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ardelyx and SIMON.
Diversification Opportunities for Ardelyx and SIMON
Very weak diversification
The 3 months correlation between Ardelyx and SIMON is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Ardelyx and SIMON PROPERTY GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SIMON PROPERTY GROUP and Ardelyx 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 Ardelyx are associated (or correlated) with SIMON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SIMON PROPERTY GROUP has no effect on the direction of Ardelyx i.e., Ardelyx and SIMON go up and down completely randomly.
Pair Corralation between Ardelyx and SIMON
Given the investment horizon of 90 days Ardelyx is expected to generate 16.22 times more return on investment than SIMON. However, Ardelyx is 16.22 times more volatile than SIMON PROPERTY GROUP. It trades about 0.11 of its potential returns per unit of risk. SIMON PROPERTY GROUP is currently generating about 0.21 per unit of risk. If you would invest 464.00 in Ardelyx on October 25, 2024 and sell it today you would earn a total of 41.00 from holding Ardelyx or generate 8.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 90.0% |
| Values | Daily Returns |
Ardelyx vs. SIMON PROPERTY GROUP
Performance |
| Timeline |
| Ardelyx |
| SIMON PROPERTY GROUP |
Ardelyx and SIMON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ardelyx and SIMON
The main advantage of trading using opposite Ardelyx and SIMON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ardelyx position performs unexpectedly, SIMON 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 SIMON will offset losses from the drop in SIMON's long position.| Ardelyx vs. BioLineRx | Ardelyx vs. Lexicon Pharmaceuticals | Ardelyx vs. Seres Therapeutics | Ardelyx vs. Immunitybio |
| SIMON vs. Allient | SIMON vs. MACOM Technology Solutions | SIMON vs. Kulicke and Soffa | SIMON vs. Vishay Intertechnology |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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