Correlation Between Intelgenx Technologs and Nephros
Can any of the company-specific risk be diversified away by investing in both Intelgenx Technologs and Nephros 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 Intelgenx Technologs and Nephros into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intelgenx Technologs and Nephros, you can compare the effects of market volatilities on Intelgenx Technologs and Nephros 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 Intelgenx Technologs with a short position of Nephros. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intelgenx Technologs and Nephros.
Diversification Opportunities for Intelgenx Technologs and Nephros
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Intelgenx and Nephros is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Intelgenx Technologs and Nephros in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nephros and Intelgenx Technologs 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 Intelgenx Technologs are associated (or correlated) with Nephros. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nephros has no effect on the direction of Intelgenx Technologs i.e., Intelgenx Technologs and Nephros go up and down completely randomly.
Pair Corralation between Intelgenx Technologs and Nephros
Given the investment horizon of 90 days Intelgenx Technologs is expected to generate 1.94 times less return on investment than Nephros. In addition to that, Intelgenx Technologs is 1.16 times more volatile than Nephros. It trades about 0.02 of its total potential returns per unit of risk. Nephros is currently generating about 0.04 per unit of volatility. If you would invest 116.00 in Nephros on November 2, 2024 and sell it today you would earn a total of 51.00 from holding Nephros or generate 43.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Intelgenx Technologs vs. Nephros
Performance |
| Timeline |
| Intelgenx Technologs |
| Nephros |
Intelgenx Technologs and Nephros Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intelgenx Technologs and Nephros
The main advantage of trading using opposite Intelgenx Technologs and Nephros positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intelgenx Technologs position performs unexpectedly, Nephros 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 Nephros will offset losses from the drop in Nephros' long position.| Intelgenx Technologs vs. Akeso, Inc | Intelgenx Technologs vs. NLS Pharmaceutics AG | Intelgenx Technologs vs. Ascletis Pharma | Intelgenx Technologs vs. Sirona Biochem Corp |
| Nephros vs. Precision Optics, | Nephros vs. Repro Med Systems | Nephros vs. InfuSystems Holdings | Nephros vs. Utah Medical Products |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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