Correlation Between ImmuCell and SPDR Barclays
Can any of the company-specific risk be diversified away by investing in both ImmuCell and SPDR Barclays 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 SPDR Barclays into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ImmuCell and SPDR Barclays Intermediate, you can compare the effects of market volatilities on ImmuCell and SPDR Barclays 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 SPDR Barclays. Check out your portfolio center. Please also check ongoing floating volatility patterns of ImmuCell and SPDR Barclays.
Diversification Opportunities for ImmuCell and SPDR Barclays
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between ImmuCell and SPDR is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding ImmuCell and SPDR Barclays Intermediate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPDR Barclays Interm 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 SPDR Barclays. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPDR Barclays Interm has no effect on the direction of ImmuCell i.e., ImmuCell and SPDR Barclays go up and down completely randomly.
Pair Corralation between ImmuCell and SPDR Barclays
Given the investment horizon of 90 days ImmuCell is expected to under-perform the SPDR Barclays. In addition to that, ImmuCell is 8.74 times more volatile than SPDR Barclays Intermediate. It trades about 0.0 of its total potential returns per unit of risk. SPDR Barclays Intermediate is currently generating about 0.01 per unit of volatility. If you would invest 3,310 in SPDR Barclays Intermediate on August 28, 2024 and sell it today you would earn a total of 2.00 from holding SPDR Barclays Intermediate or generate 0.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ImmuCell vs. SPDR Barclays Intermediate
Performance |
| Timeline |
| ImmuCell |
| SPDR Barclays Interm |
ImmuCell and SPDR Barclays Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ImmuCell and SPDR Barclays
The main advantage of trading using opposite ImmuCell and SPDR Barclays positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ImmuCell position performs unexpectedly, SPDR Barclays 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 SPDR Barclays will offset losses from the drop in SPDR Barclays' long position.| ImmuCell vs. Transgene SA | ImmuCell vs. Alpha Cognition | ImmuCell vs. Fennec Pharmaceuticals | ImmuCell vs. Lipella Pharmaceuticals Common |
| SPDR Barclays vs. SPDR Barclays Short | SPDR Barclays vs. SPDR Bloomberg Emerging | SPDR Barclays vs. SPDR Barclays Long | SPDR Barclays vs. SPDR Barclays Short |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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