Correlation Between Immunovia Publ and Bio Works
Can any of the company-specific risk be diversified away by investing in both Immunovia Publ and Bio Works 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 Immunovia Publ and Bio Works into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Immunovia publ AB and Bio Works Technologies AB, you can compare the effects of market volatilities on Immunovia Publ and Bio Works 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 Immunovia Publ with a short position of Bio Works. Check out your portfolio center. Please also check ongoing floating volatility patterns of Immunovia Publ and Bio Works.
Diversification Opportunities for Immunovia Publ and Bio Works
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Immunovia and Bio is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Immunovia publ AB and Bio Works Technologies AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bio Works Technologies and Immunovia Publ 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 Immunovia publ AB are associated (or correlated) with Bio Works. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bio Works Technologies has no effect on the direction of Immunovia Publ i.e., Immunovia Publ and Bio Works go up and down completely randomly.
Pair Corralation between Immunovia Publ and Bio Works
Assuming the 90 days trading horizon Immunovia publ AB is expected to generate 1.56 times more return on investment than Bio Works. However, Immunovia Publ is 1.56 times more volatile than Bio Works Technologies AB. It trades about 0.23 of its potential returns per unit of risk. Bio Works Technologies AB is currently generating about 0.09 per unit of risk. If you would invest 63.00 in Immunovia publ AB on September 3, 2024 and sell it today you would earn a total of 22.00 from holding Immunovia publ AB or generate 34.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Immunovia publ AB vs. Bio Works Technologies AB
Performance |
| Timeline |
| Immunovia publ AB |
| Bio Works Technologies |
Immunovia Publ and Bio Works Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Immunovia Publ and Bio Works
The main advantage of trading using opposite Immunovia Publ and Bio Works positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Immunovia Publ position performs unexpectedly, Bio Works 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 Bio Works will offset losses from the drop in Bio Works' long position.| Immunovia Publ vs. Oncopeptides AB | Immunovia Publ vs. Hansa Biopharma AB | Immunovia Publ vs. Cantargia AB | Immunovia Publ vs. Camurus AB |
| Bio Works vs. Simris Alg AB | Bio Works vs. Immunovia publ AB | Bio Works vs. Sedana Medical AB | Bio Works vs. KABE Group AB |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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