Correlation Between COMINTL BANK and HYBRIGENICS
Can any of the company-specific risk be diversified away by investing in both COMINTL BANK and HYBRIGENICS 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 COMINTL BANK and HYBRIGENICS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between COMINTL BANK ADR1 and HYBRIGENICS A , you can compare the effects of market volatilities on COMINTL BANK and HYBRIGENICS 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 COMINTL BANK with a short position of HYBRIGENICS. Check out your portfolio center. Please also check ongoing floating volatility patterns of COMINTL BANK and HYBRIGENICS.
Diversification Opportunities for COMINTL BANK and HYBRIGENICS
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between COMINTL and HYBRIGENICS is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding COMINTL BANK ADR1 and HYBRIGENICS A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HYBRIGENICS A and COMINTL BANK 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 COMINTL BANK ADR1 are associated (or correlated) with HYBRIGENICS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HYBRIGENICS A has no effect on the direction of COMINTL BANK i.e., COMINTL BANK and HYBRIGENICS go up and down completely randomly.
Pair Corralation between COMINTL BANK and HYBRIGENICS
Assuming the 90 days trading horizon COMINTL BANK ADR1 is expected to generate 0.28 times more return on investment than HYBRIGENICS. However, COMINTL BANK ADR1 is 3.55 times less risky than HYBRIGENICS. It trades about 0.03 of its potential returns per unit of risk. HYBRIGENICS A is currently generating about 0.0 per unit of risk. If you would invest 107.00 in COMINTL BANK ADR1 on September 12, 2024 and sell it today you would earn a total of 21.00 from holding COMINTL BANK ADR1 or generate 19.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
COMINTL BANK ADR1 vs. HYBRIGENICS A
Performance |
| Timeline |
| COMINTL BANK ADR1 |
| HYBRIGENICS A |
COMINTL BANK and HYBRIGENICS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COMINTL BANK and HYBRIGENICS
The main advantage of trading using opposite COMINTL BANK and HYBRIGENICS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COMINTL BANK position performs unexpectedly, HYBRIGENICS 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 HYBRIGENICS will offset losses from the drop in HYBRIGENICS's long position.| COMINTL BANK vs. Superior Plus Corp | COMINTL BANK vs. SIVERS SEMICONDUCTORS AB | COMINTL BANK vs. CHINA HUARONG ENERHD 50 | COMINTL BANK vs. NORDIC HALIBUT AS |
| HYBRIGENICS vs. Chiba Bank | HYBRIGENICS vs. Chesapeake Utilities | HYBRIGENICS vs. VIRG NATL BANKSH | HYBRIGENICS vs. COMINTL BANK ADR1 |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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