Correlation Between Guardion Health and ANI Pharmaceuticals
Can any of the company-specific risk be diversified away by investing in both Guardion Health and ANI 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 Guardion Health and ANI Pharmaceuticals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Guardion Health Sciences and ANI Pharmaceuticals, you can compare the effects of market volatilities on Guardion Health and ANI 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 Guardion Health with a short position of ANI Pharmaceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guardion Health and ANI Pharmaceuticals.
Diversification Opportunities for Guardion Health and ANI Pharmaceuticals
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Guardion and ANI is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Guardion Health Sciences and ANI Pharmaceuticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ANI Pharmaceuticals and Guardion Health 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 Guardion Health Sciences are associated (or correlated) with ANI Pharmaceuticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ANI Pharmaceuticals has no effect on the direction of Guardion Health i.e., Guardion Health and ANI Pharmaceuticals go up and down completely randomly.
Pair Corralation between Guardion Health and ANI Pharmaceuticals
If you would invest 5,797 in ANI Pharmaceuticals on August 28, 2024 and sell it today you would earn a total of 67.00 from holding ANI Pharmaceuticals or generate 1.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Guardion Health Sciences vs. ANI Pharmaceuticals
Performance |
| Timeline |
| Guardion Health Sciences |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Weak
| ANI Pharmaceuticals |
Guardion Health and ANI Pharmaceuticals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guardion Health and ANI Pharmaceuticals
The main advantage of trading using opposite Guardion Health and ANI Pharmaceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guardion Health position performs unexpectedly, ANI 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 ANI Pharmaceuticals will offset losses from the drop in ANI Pharmaceuticals' long position.| Guardion Health vs. Biofrontera | Guardion Health vs. Shuttle Pharmaceuticals | Guardion Health vs. Akanda Corp | Guardion Health vs. China Pharma Holdings |
| ANI Pharmaceuticals vs. Phibro Animal Health | ANI Pharmaceuticals vs. Prestige Brand Holdings | ANI Pharmaceuticals vs. Alkermes Plc | ANI Pharmaceuticals vs. Dr Reddys Laboratories |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |