Correlation Between Exchange Bankshares and Santhera Pharmaceuticals
Can any of the company-specific risk be diversified away by investing in both Exchange Bankshares and Santhera Pharmaceuticals 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 Exchange Bankshares and Santhera Pharmaceuticals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Exchange Bankshares and Santhera Pharmaceuticals Holding, you can compare the effects of market volatilities on Exchange Bankshares and Santhera Pharmaceuticals 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 Exchange Bankshares with a short position of Santhera Pharmaceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Exchange Bankshares and Santhera Pharmaceuticals.
Diversification Opportunities for Exchange Bankshares and Santhera Pharmaceuticals
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Exchange and Santhera is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Exchange Bankshares and Santhera Pharmaceuticals Holdi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Santhera Pharmaceuticals and Exchange Bankshares 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 Exchange Bankshares are associated (or correlated) with Santhera Pharmaceuticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Santhera Pharmaceuticals has no effect on the direction of Exchange Bankshares i.e., Exchange Bankshares and Santhera Pharmaceuticals go up and down completely randomly.
Pair Corralation between Exchange Bankshares and Santhera Pharmaceuticals
If you would invest 942.00 in Santhera Pharmaceuticals Holding on November 4, 2024 and sell it today you would earn a total of 0.00 from holding Santhera Pharmaceuticals Holding or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
Exchange Bankshares vs. Santhera Pharmaceuticals Holdi
Performance |
| Timeline |
| Exchange Bankshares |
| Santhera Pharmaceuticals |
Exchange Bankshares and Santhera Pharmaceuticals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Exchange Bankshares and Santhera Pharmaceuticals
The main advantage of trading using opposite Exchange Bankshares and Santhera Pharmaceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Exchange Bankshares position performs unexpectedly, Santhera Pharmaceuticals 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 Santhera Pharmaceuticals will offset losses from the drop in Santhera Pharmaceuticals' long position.| Exchange Bankshares vs. First Community Financial | Exchange Bankshares vs. National Capital Bank | Exchange Bankshares vs. Oakworth Capital | Exchange Bankshares vs. Truxton |
| Santhera Pharmaceuticals vs. Ideaya Biosciences | Santhera Pharmaceuticals vs. AnaptysBio | Santhera Pharmaceuticals vs. MeiraGTx Holdings PLC | Santhera Pharmaceuticals vs. Keros Therapeutics |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation |