Correlation Between Implantica and NextCell Pharma
Specify exactly 2 symbols:
By analyzing existing cross correlation between Implantica AG and NextCell Pharma AB, you can compare the effects of market volatilities on Implantica and NextCell Pharma 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 Implantica with a short position of NextCell Pharma. Check out your portfolio center. Please also check ongoing floating volatility patterns of Implantica and NextCell Pharma.
Diversification Opportunities for Implantica and NextCell Pharma
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Implantica and NextCell is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Implantica AG and NextCell Pharma AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NextCell Pharma AB and Implantica 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 Implantica AG are associated (or correlated) with NextCell Pharma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NextCell Pharma AB has no effect on the direction of Implantica i.e., Implantica and NextCell Pharma go up and down completely randomly.
Pair Corralation between Implantica and NextCell Pharma
Assuming the 90 days trading horizon Implantica AG is expected to generate 0.35 times more return on investment than NextCell Pharma. However, Implantica AG is 2.84 times less risky than NextCell Pharma. It trades about 0.01 of its potential returns per unit of risk. NextCell Pharma AB is currently generating about 0.0 per unit of risk. If you would invest 4,005 in Implantica AG on September 1, 2024 and sell it today you would lose (395.00) from holding Implantica AG or give up 9.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Implantica AG vs. NextCell Pharma AB
Performance |
| Timeline |
| Implantica AG |
| NextCell Pharma AB |
Implantica and NextCell Pharma Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Implantica and NextCell Pharma
The main advantage of trading using opposite Implantica and NextCell Pharma positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Implantica position performs unexpectedly, NextCell Pharma 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 NextCell Pharma will offset losses from the drop in NextCell Pharma's long position.| Implantica vs. Bonesupport Holding AB | Implantica vs. Surgical Science Sweden | Implantica vs. Storytel AB |
| NextCell Pharma vs. Diamyd Medical AB | NextCell Pharma vs. Mendus AB | NextCell Pharma vs. Vicore Pharma Holding | NextCell Pharma vs. Immunovia publ 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..
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |