Correlation Between Camurus AB and Intervacc
Can any of the company-specific risk be diversified away by investing in both Camurus AB and Intervacc 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 Camurus AB and Intervacc into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Camurus AB and Intervacc AB, you can compare the effects of market volatilities on Camurus AB and Intervacc 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 Camurus AB with a short position of Intervacc. Check out your portfolio center. Please also check ongoing floating volatility patterns of Camurus AB and Intervacc.
Diversification Opportunities for Camurus AB and Intervacc
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Camurus and Intervacc is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Camurus AB and Intervacc AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intervacc AB and Camurus AB 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 Camurus AB are associated (or correlated) with Intervacc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intervacc AB has no effect on the direction of Camurus AB i.e., Camurus AB and Intervacc go up and down completely randomly.
Pair Corralation between Camurus AB and Intervacc
Assuming the 90 days trading horizon Camurus AB is expected to generate 0.45 times more return on investment than Intervacc. However, Camurus AB is 2.2 times less risky than Intervacc. It trades about 0.09 of its potential returns per unit of risk. Intervacc AB is currently generating about -0.02 per unit of risk. If you would invest 24,780 in Camurus AB on August 29, 2024 and sell it today you would earn a total of 31,170 from holding Camurus AB or generate 125.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Camurus AB vs. Intervacc AB
Performance |
| Timeline |
| Camurus AB |
| Intervacc AB |
Camurus AB and Intervacc Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Camurus AB and Intervacc
The main advantage of trading using opposite Camurus AB and Intervacc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Camurus AB position performs unexpectedly, Intervacc 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 Intervacc will offset losses from the drop in Intervacc's long position.| Camurus AB vs. BioArctic AB | Camurus AB vs. Oncopeptides AB | Camurus AB vs. Hansa Biopharma AB | Camurus AB vs. Swedish Orphan Biovitrum |
| Intervacc vs. Swedencare publ AB | Intervacc vs. Oncopeptides AB | Intervacc vs. Kambi Group PLC | Intervacc vs. Genovis AB |
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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