Correlation Between CuraScientific and INC Research
Can any of the company-specific risk be diversified away by investing in both CuraScientific and INC Research 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 CuraScientific and INC Research into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CuraScientific and INC Research Holdings, you can compare the effects of market volatilities on CuraScientific and INC Research 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 CuraScientific with a short position of INC Research. Check out your portfolio center. Please also check ongoing floating volatility patterns of CuraScientific and INC Research.
Diversification Opportunities for CuraScientific and INC Research
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between CuraScientific and INC is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding CuraScientific and INC Research Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INC Research Holdings and CuraScientific 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 CuraScientific are associated (or correlated) with INC Research. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INC Research Holdings has no effect on the direction of CuraScientific i.e., CuraScientific and INC Research go up and down completely randomly.
Pair Corralation between CuraScientific and INC Research
If you would invest 1.19 in CuraScientific on August 28, 2024 and sell it today you would earn a total of 0.00 from holding CuraScientific or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 2.33% |
| Values | Daily Returns |
CuraScientific vs. INC Research Holdings
Performance |
| Timeline |
| CuraScientific |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| INC Research Holdings |
CuraScientific and INC Research Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CuraScientific and INC Research
The main advantage of trading using opposite CuraScientific and INC Research positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CuraScientific position performs unexpectedly, INC Research 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 INC Research will offset losses from the drop in INC Research's long position.| CuraScientific vs. ManifestSeven Holdings | CuraScientific vs. Grey Cloak Tech | CuraScientific vs. Pure Harvest Cannabis | CuraScientific vs. Ionic Brands Corp |
| INC Research vs. Eliem Therapeutics | INC Research vs. Scpharmaceuticals | INC Research vs. Milestone Pharmaceuticals | INC Research vs. Seres 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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