Correlation Between Event Hospitality and Imugene
Can any of the company-specific risk be diversified away by investing in both Event Hospitality and Imugene 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 Event Hospitality and Imugene into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Event Hospitality and and Imugene, you can compare the effects of market volatilities on Event Hospitality and Imugene 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 Event Hospitality with a short position of Imugene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Event Hospitality and Imugene.
Diversification Opportunities for Event Hospitality and Imugene
-0.8 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Event and Imugene is -0.8. Overlapping area represents the amount of risk that can be diversified away by holding Event Hospitality and and Imugene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Imugene and Event Hospitality 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 Event Hospitality and are associated (or correlated) with Imugene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Imugene has no effect on the direction of Event Hospitality i.e., Event Hospitality and Imugene go up and down completely randomly.
Pair Corralation between Event Hospitality and Imugene
Assuming the 90 days trading horizon Event Hospitality and is expected to generate 0.3 times more return on investment than Imugene. However, Event Hospitality and is 3.36 times less risky than Imugene. It trades about 0.0 of its potential returns per unit of risk. Imugene is currently generating about -0.03 per unit of risk. If you would invest 1,248 in Event Hospitality and on September 12, 2024 and sell it today you would lose (54.00) from holding Event Hospitality and or give up 4.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Event Hospitality and vs. Imugene
Performance |
| Timeline |
| Event Hospitality |
| Imugene |
Event Hospitality and Imugene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Event Hospitality and Imugene
The main advantage of trading using opposite Event Hospitality and Imugene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Event Hospitality position performs unexpectedly, Imugene 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 Imugene will offset losses from the drop in Imugene's long position.| Event Hospitality vs. Aneka Tambang Tbk | Event Hospitality vs. Macquarie Group | Event Hospitality vs. Challenger | Event Hospitality vs. BHP Group Limited |
| Imugene vs. Clime Investment Management | Imugene vs. Viva Leisure | Imugene vs. Kip McGrath Education | Imugene vs. Saferoads Holdings |
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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