Correlation Between Cellink AB and Ainos
Can any of the company-specific risk be diversified away by investing in both Cellink AB and Ainos 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 Cellink AB and Ainos into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cellink AB and Ainos Inc, you can compare the effects of market volatilities on Cellink AB and Ainos 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 Cellink AB with a short position of Ainos. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cellink AB and Ainos.
Diversification Opportunities for Cellink AB and Ainos
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Cellink and Ainos is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Cellink AB and Ainos Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ainos Inc and Cellink 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 Cellink AB are associated (or correlated) with Ainos. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ainos Inc has no effect on the direction of Cellink AB i.e., Cellink AB and Ainos go up and down completely randomly.
Pair Corralation between Cellink AB and Ainos
Assuming the 90 days horizon Cellink AB is expected to generate 342.49 times less return on investment than Ainos. But when comparing it to its historical volatility, Cellink AB is 33.32 times less risky than Ainos. It trades about 0.03 of its potential returns per unit of risk. Ainos Inc is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest 4.97 in Ainos Inc on October 20, 2024 and sell it today you would earn a total of 12.03 from holding Ainos Inc or generate 242.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 68.18% |
| Values | Daily Returns |
Cellink AB vs. Ainos Inc
Performance |
| Timeline |
| Cellink AB |
| Ainos Inc |
Cellink AB and Ainos Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cellink AB and Ainos
The main advantage of trading using opposite Cellink AB and Ainos positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cellink AB position performs unexpectedly, Ainos 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 Ainos will offset losses from the drop in Ainos' long position.| Cellink AB vs. Artivion | Cellink AB vs. Anika Therapeutics | Cellink AB vs. Sight Sciences | Cellink AB vs. Orthofix Medical |
| Ainos vs. FDG Electric Vehicles | Ainos vs. Summit Environmental | Ainos vs. BorgWarner | Ainos vs. Lucid Group |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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