Correlation Between Immunovia Publ and Vimian Group
Can any of the company-specific risk be diversified away by investing in both Immunovia Publ and Vimian Group 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 Vimian Group 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 Vimian Group AB, you can compare the effects of market volatilities on Immunovia Publ and Vimian Group 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 Vimian Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Immunovia Publ and Vimian Group.
Diversification Opportunities for Immunovia Publ and Vimian Group
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Immunovia and Vimian is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Immunovia publ AB and Vimian Group AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vimian Group 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 Vimian Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vimian Group AB has no effect on the direction of Immunovia Publ i.e., Immunovia Publ and Vimian Group go up and down completely randomly.
Pair Corralation between Immunovia Publ and Vimian Group
Assuming the 90 days trading horizon Immunovia publ AB is expected to generate 4.51 times more return on investment than Vimian Group. However, Immunovia Publ is 4.51 times more volatile than Vimian Group AB. It trades about 0.26 of its potential returns per unit of risk. Vimian Group AB is currently generating about 0.05 per unit of risk. If you would invest 59.00 in Immunovia publ AB on September 1, 2024 and sell it today you would earn a total of 26.00 from holding Immunovia publ AB or generate 44.07% 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. Vimian Group AB
Performance |
| Timeline |
| Immunovia publ AB |
| Vimian Group AB |
Immunovia Publ and Vimian Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Immunovia Publ and Vimian Group
The main advantage of trading using opposite Immunovia Publ and Vimian Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Immunovia Publ position performs unexpectedly, Vimian Group 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 Vimian Group will offset losses from the drop in Vimian Group's long position.| Immunovia Publ vs. ADDvise Group B | Immunovia Publ vs. Hanza AB | Immunovia Publ vs. Awardit AB | Immunovia Publ vs. Doxa AB |
| Vimian Group vs. Swedencare publ AB | Vimian Group vs. Beijer Ref AB | Vimian Group vs. Troax Group AB | Vimian Group vs. Cint 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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