Correlation Between In8bio and Assure Holdings
Can any of the company-specific risk be diversified away by investing in both In8bio and Assure Holdings 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 In8bio and Assure Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between In8bio Inc and Assure Holdings Corp, you can compare the effects of market volatilities on In8bio and Assure Holdings 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 In8bio with a short position of Assure Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of In8bio and Assure Holdings.
Diversification Opportunities for In8bio and Assure Holdings
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between In8bio and Assure is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding In8bio Inc and Assure Holdings Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Assure Holdings Corp and In8bio 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 In8bio Inc are associated (or correlated) with Assure Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Assure Holdings Corp has no effect on the direction of In8bio i.e., In8bio and Assure Holdings go up and down completely randomly.
Pair Corralation between In8bio and Assure Holdings
Given the investment horizon of 90 days In8bio Inc is expected to generate 0.5 times more return on investment than Assure Holdings. However, In8bio Inc is 1.99 times less risky than Assure Holdings. It trades about -0.05 of its potential returns per unit of risk. Assure Holdings Corp is currently generating about -0.2 per unit of risk. If you would invest 109.00 in In8bio Inc on August 31, 2024 and sell it today you would lose (79.00) from holding In8bio Inc or give up 72.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 30.71% |
| Values | Daily Returns |
In8bio Inc vs. Assure Holdings Corp
Performance |
| Timeline |
| In8bio Inc |
| Assure Holdings Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
In8bio and Assure Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with In8bio and Assure Holdings
The main advantage of trading using opposite In8bio and Assure Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if In8bio position performs unexpectedly, Assure Holdings 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 Assure Holdings will offset losses from the drop in Assure Holdings' long position.| In8bio vs. Cue Biopharma | In8bio vs. Eliem Therapeutics | In8bio vs. Inhibrx | In8bio vs. Molecular Partners AG |
| Assure Holdings vs. Novo Integrated Sciences | Assure Holdings vs. Aveanna Healthcare Holdings | Assure Holdings vs. P3 Health Partners | Assure Holdings vs. Sonida Senior Living |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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