Correlation Between Clinical Laserthermia and Intervacc
Can any of the company-specific risk be diversified away by investing in both Clinical Laserthermia 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 Clinical Laserthermia and Intervacc into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Clinical Laserthermia Systems and Intervacc AB, you can compare the effects of market volatilities on Clinical Laserthermia 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 Clinical Laserthermia with a short position of Intervacc. Check out your portfolio center. Please also check ongoing floating volatility patterns of Clinical Laserthermia and Intervacc.
Diversification Opportunities for Clinical Laserthermia and Intervacc
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Clinical and Intervacc is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Clinical Laserthermia Systems and Intervacc AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intervacc AB and Clinical Laserthermia 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 Clinical Laserthermia Systems 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 Clinical Laserthermia i.e., Clinical Laserthermia and Intervacc go up and down completely randomly.
Pair Corralation between Clinical Laserthermia and Intervacc
Assuming the 90 days trading horizon Clinical Laserthermia Systems is expected to generate 1.28 times more return on investment than Intervacc. However, Clinical Laserthermia is 1.28 times more volatile than Intervacc AB. It trades about -0.02 of its potential returns per unit of risk. Intervacc AB is currently generating about -0.05 per unit of risk. If you would invest 513.00 in Clinical Laserthermia Systems on August 29, 2024 and sell it today you would lose (43.00) from holding Clinical Laserthermia Systems or give up 8.38% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Clinical Laserthermia Systems vs. Intervacc AB
Performance |
| Timeline |
| Clinical Laserthermia |
| Intervacc AB |
Clinical Laserthermia and Intervacc Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Clinical Laserthermia and Intervacc
The main advantage of trading using opposite Clinical Laserthermia and Intervacc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Clinical Laserthermia 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.| Clinical Laserthermia vs. Cantargia AB | Clinical Laserthermia vs. Episurf Medical AB | Clinical Laserthermia vs. Karolinska Development AB | Clinical Laserthermia vs. Acarix AS |
| 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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