Correlation Between Immunovia Publ and Genovis AB
Can any of the company-specific risk be diversified away by investing in both Immunovia Publ and Genovis AB 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 Genovis AB 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 Genovis AB, you can compare the effects of market volatilities on Immunovia Publ and Genovis AB 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 Genovis AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Immunovia Publ and Genovis AB.
Diversification Opportunities for Immunovia Publ and Genovis AB
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Immunovia and Genovis is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Immunovia publ AB and Genovis AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genovis AB 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 Genovis AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genovis AB has no effect on the direction of Immunovia Publ i.e., Immunovia Publ and Genovis AB go up and down completely randomly.
Pair Corralation between Immunovia Publ and Genovis AB
Assuming the 90 days trading horizon Immunovia publ AB is expected to generate 2.75 times more return on investment than Genovis AB. However, Immunovia Publ is 2.75 times more volatile than Genovis AB. It trades about 0.11 of its potential returns per unit of risk. Genovis AB is currently generating about -0.08 per unit of risk. If you would invest 63.00 in Immunovia publ AB on September 13, 2024 and sell it today you would earn a total of 9.00 from holding Immunovia publ AB or generate 14.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Immunovia publ AB vs. Genovis AB
Performance |
| Timeline |
| Immunovia publ AB |
| Genovis AB |
Immunovia Publ and Genovis AB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Immunovia Publ and Genovis AB
The main advantage of trading using opposite Immunovia Publ and Genovis AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Immunovia Publ position performs unexpectedly, Genovis AB 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 Genovis AB will offset losses from the drop in Genovis AB's long position.| Immunovia Publ vs. Oncopeptides AB | Immunovia Publ vs. Hansa Biopharma AB | Immunovia Publ vs. Cantargia AB | Immunovia Publ vs. Camurus AB |
| Genovis AB vs. Train Alliance Sweden | Genovis AB vs. SaltX Technology Holding | Genovis AB vs. Arctic Blue Beverages | Genovis AB vs. New Nordic Healthbrands |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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