Correlation Between ImmuCell and Frequency Therapeutics
Can any of the company-specific risk be diversified away by investing in both ImmuCell and Frequency Therapeutics 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 ImmuCell and Frequency Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ImmuCell and Frequency Therapeutics, you can compare the effects of market volatilities on ImmuCell and Frequency Therapeutics 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 ImmuCell with a short position of Frequency Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of ImmuCell and Frequency Therapeutics.
Diversification Opportunities for ImmuCell and Frequency Therapeutics
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between ImmuCell and Frequency is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding ImmuCell and Frequency Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Frequency Therapeutics and ImmuCell 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 ImmuCell are associated (or correlated) with Frequency Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Frequency Therapeutics has no effect on the direction of ImmuCell i.e., ImmuCell and Frequency Therapeutics go up and down completely randomly.
Pair Corralation between ImmuCell and Frequency Therapeutics
If you would invest 52.00 in Frequency Therapeutics on August 25, 2024 and sell it today you would earn a total of 0.00 from holding Frequency Therapeutics or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.37% |
| Values | Daily Returns |
ImmuCell vs. Frequency Therapeutics
Performance |
| Timeline |
| ImmuCell |
| Frequency Therapeutics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
ImmuCell and Frequency Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ImmuCell and Frequency Therapeutics
The main advantage of trading using opposite ImmuCell and Frequency Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ImmuCell position performs unexpectedly, Frequency Therapeutics 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 Frequency Therapeutics will offset losses from the drop in Frequency Therapeutics' long position.| ImmuCell vs. Transgene SA | ImmuCell vs. Alpha Cognition | ImmuCell vs. Fennec Pharmaceuticals | ImmuCell vs. Lipella Pharmaceuticals Common |
| Frequency Therapeutics vs. Lineage Cell Therapeutics | Frequency Therapeutics vs. MAIA Biotechnology | Frequency Therapeutics vs. Armata Pharmaceuticals | Frequency Therapeutics vs. Portage Biotech |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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