Correlation Between Esperion Therapeutics and 00108WAF7
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By analyzing existing cross correlation between Esperion Therapeutics and AEP TEX INC, you can compare the effects of market volatilities on Esperion Therapeutics and 00108WAF7 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 Esperion Therapeutics with a short position of 00108WAF7. Check out your portfolio center. Please also check ongoing floating volatility patterns of Esperion Therapeutics and 00108WAF7.
Diversification Opportunities for Esperion Therapeutics and 00108WAF7
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Esperion and 00108WAF7 is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Esperion Therapeutics and AEP TEX INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AEP TEX INC and Esperion 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 Esperion Therapeutics are associated (or correlated) with 00108WAF7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AEP TEX INC has no effect on the direction of Esperion Therapeutics i.e., Esperion Therapeutics and 00108WAF7 go up and down completely randomly.
Pair Corralation between Esperion Therapeutics and 00108WAF7
Given the investment horizon of 90 days Esperion Therapeutics is expected to generate 1.81 times more return on investment than 00108WAF7. However, Esperion Therapeutics is 1.81 times more volatile than AEP TEX INC. It trades about 0.2 of its potential returns per unit of risk. AEP TEX INC is currently generating about 0.3 per unit of risk. If you would invest 208.00 in Esperion Therapeutics on August 30, 2024 and sell it today you would earn a total of 46.00 from holding Esperion Therapeutics or generate 22.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 60.87% |
| Values | Daily Returns |
Esperion Therapeutics vs. AEP TEX INC
Performance |
| Timeline |
| Esperion Therapeutics |
| AEP TEX INC |
Esperion Therapeutics and 00108WAF7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Esperion Therapeutics and 00108WAF7
The main advantage of trading using opposite Esperion Therapeutics and 00108WAF7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Esperion Therapeutics position performs unexpectedly, 00108WAF7 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 00108WAF7 will offset losses from the drop in 00108WAF7's long position.| Esperion Therapeutics vs. Elanco Animal Health | Esperion Therapeutics vs. SIGA Technologies | Esperion Therapeutics vs. Catalent | Esperion Therapeutics vs. ANI Pharmaceuticals |
| 00108WAF7 vs. Esperion Therapeutics | 00108WAF7 vs. Emerson Electric | 00108WAF7 vs. Merit Medical Systems | 00108WAF7 vs. Primoris Services |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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