Correlation Between Ihuman and CureVac NV
Can any of the company-specific risk be diversified away by investing in both Ihuman and CureVac NV 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 Ihuman and CureVac NV into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ihuman Inc and CureVac NV, you can compare the effects of market volatilities on Ihuman and CureVac NV 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 Ihuman with a short position of CureVac NV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ihuman and CureVac NV.
Diversification Opportunities for Ihuman and CureVac NV
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Ihuman and CureVac is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Ihuman Inc and CureVac NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CureVac NV and Ihuman 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 Ihuman Inc are associated (or correlated) with CureVac NV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CureVac NV has no effect on the direction of Ihuman i.e., Ihuman and CureVac NV go up and down completely randomly.
Pair Corralation between Ihuman and CureVac NV
Allowing for the 90-day total investment horizon Ihuman Inc is expected to generate 1.27 times more return on investment than CureVac NV. However, Ihuman is 1.27 times more volatile than CureVac NV. It trades about 0.06 of its potential returns per unit of risk. CureVac NV is currently generating about 0.04 per unit of risk. If you would invest 154.00 in Ihuman Inc on September 12, 2024 and sell it today you would earn a total of 17.00 from holding Ihuman Inc or generate 11.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ihuman Inc vs. CureVac NV
Performance |
| Timeline |
| Ihuman Inc |
| CureVac NV |
Ihuman and CureVac NV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ihuman and CureVac NV
The main advantage of trading using opposite Ihuman and CureVac NV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ihuman position performs unexpectedly, CureVac NV 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 CureVac NV will offset losses from the drop in CureVac NV's long position.| Ihuman vs. Boqii Holding Limited | Ihuman vs. Lixiang Education Holding | Ihuman vs. Huize Holding | Ihuman vs. Kuke Music Holding |
| CureVac NV vs. Park Ohio Holdings | CureVac NV vs. EMCOR Group | CureVac NV vs. Microbot Medical | CureVac NV vs. Acco Brands |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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