Correlation Between Coeptis Therapeutics and Affimed NV
Can any of the company-specific risk be diversified away by investing in both Coeptis Therapeutics and Affimed NV 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 Coeptis Therapeutics and Affimed NV into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Coeptis Therapeutics and Affimed NV, you can compare the effects of market volatilities on Coeptis Therapeutics and Affimed NV 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 Coeptis Therapeutics with a short position of Affimed NV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coeptis Therapeutics and Affimed NV.
Diversification Opportunities for Coeptis Therapeutics and Affimed NV
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Coeptis and Affimed is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Coeptis Therapeutics and Affimed NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Affimed NV and Coeptis Therapeutics 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 Coeptis Therapeutics are associated (or correlated) with Affimed NV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Affimed NV has no effect on the direction of Coeptis Therapeutics i.e., Coeptis Therapeutics and Affimed NV go up and down completely randomly.
Pair Corralation between Coeptis Therapeutics and Affimed NV
Given the investment horizon of 90 days Coeptis Therapeutics is expected to under-perform the Affimed NV. But the stock apears to be less risky and, when comparing its historical volatility, Coeptis Therapeutics is 1.18 times less risky than Affimed NV. The stock trades about -0.09 of its potential returns per unit of risk. The Affimed NV is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 400.00 in Affimed NV on September 2, 2024 and sell it today you would lose (116.00) from holding Affimed NV or give up 29.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Coeptis Therapeutics vs. Affimed NV
Performance |
| Timeline |
| Coeptis Therapeutics |
| Affimed NV |
Coeptis Therapeutics and Affimed NV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coeptis Therapeutics and Affimed NV
The main advantage of trading using opposite Coeptis Therapeutics and Affimed NV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coeptis Therapeutics position performs unexpectedly, Affimed NV 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 Affimed NV will offset losses from the drop in Affimed NV's long position.The idea behind Coeptis Therapeutics and Affimed NV pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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