Correlation Between Banco Del and FibroGen
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By analyzing existing cross correlation between Banco del Bajo and FibroGen, you can compare the effects of market volatilities on Banco Del and FibroGen 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 Banco Del with a short position of FibroGen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Banco Del and FibroGen.
Diversification Opportunities for Banco Del and FibroGen
Weak diversification
The 3 months correlation between Banco and FibroGen is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Banco del Bajo and FibroGen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FibroGen and Banco Del 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 Banco del Bajo are associated (or correlated) with FibroGen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FibroGen has no effect on the direction of Banco Del i.e., Banco Del and FibroGen go up and down completely randomly.
Pair Corralation between Banco Del and FibroGen
Assuming the 90 days trading horizon Banco Del is expected to generate 7.27 times less return on investment than FibroGen. But when comparing it to its historical volatility, Banco del Bajo is 1.64 times less risky than FibroGen. It trades about 0.06 of its potential returns per unit of risk. FibroGen is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 640.00 in FibroGen on August 30, 2024 and sell it today you would earn a total of 150.00 from holding FibroGen or generate 23.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Banco del Bajo vs. FibroGen
Performance |
| Timeline |
| Banco del Bajo |
| FibroGen |
Banco Del and FibroGen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Banco Del and FibroGen
The main advantage of trading using opposite Banco Del and FibroGen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Banco Del position performs unexpectedly, FibroGen 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 FibroGen will offset losses from the drop in FibroGen's long position.| Banco Del vs. Regional SAB de | Banco Del vs. Gentera SAB de | Banco Del vs. Grupo Financiero Banorte | Banco Del vs. Becle SAB de |
| FibroGen vs. UnitedHealth Group Incorporated | FibroGen vs. Grupo Sports World | FibroGen vs. Taiwan Semiconductor Manufacturing | FibroGen vs. DXC Technology |
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 Stocks Directory module to find actively traded stocks across global markets.
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