Correlation Between Immix Biopharma and Affimed NV
Can any of the company-specific risk be diversified away by investing in both Immix Biopharma and Affimed 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 Immix Biopharma and Affimed NV into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Immix Biopharma and Affimed NV, you can compare the effects of market volatilities on Immix Biopharma and Affimed 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 Immix Biopharma with a short position of Affimed NV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Immix Biopharma and Affimed NV.
Diversification Opportunities for Immix Biopharma and Affimed NV
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Immix and Affimed is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Immix Biopharma and Affimed NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Affimed NV and Immix Biopharma 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 Immix Biopharma are associated (or correlated) with Affimed NV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Affimed NV has no effect on the direction of Immix Biopharma i.e., Immix Biopharma and Affimed NV go up and down completely randomly.
Pair Corralation between Immix Biopharma and Affimed NV
Given the investment horizon of 90 days Immix Biopharma is expected to generate 0.85 times more return on investment than Affimed NV. However, Immix Biopharma is 1.17 times less risky than Affimed NV. It trades about 0.01 of its potential returns per unit of risk. Affimed NV is currently generating about -0.13 per unit of risk. If you would invest 168.00 in Immix Biopharma on August 29, 2024 and sell it today you would lose (3.00) from holding Immix Biopharma or give up 1.79% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Immix Biopharma vs. Affimed NV
Performance |
| Timeline |
| Immix Biopharma |
| Affimed NV |
Immix Biopharma and Affimed NV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Immix Biopharma and Affimed NV
The main advantage of trading using opposite Immix Biopharma and Affimed NV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Immix Biopharma position performs unexpectedly, Affimed 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 Affimed NV will offset losses from the drop in Affimed NV's long position.| Immix Biopharma vs. Bright Minds Biosciences | Immix Biopharma vs. HP Inc | Immix Biopharma vs. Intel | Immix Biopharma vs. Chevron Corp |
| Affimed NV vs. Bright Minds Biosciences | Affimed NV vs. HP Inc | Affimed NV vs. Intel | Affimed NV vs. Chevron Corp |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |