Correlation Between Inhibrx and VinFast Auto
Can any of the company-specific risk be diversified away by investing in both Inhibrx and VinFast Auto 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 Inhibrx and VinFast Auto into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Inhibrx and VinFast Auto Ltd, you can compare the effects of market volatilities on Inhibrx and VinFast Auto 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 Inhibrx with a short position of VinFast Auto. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inhibrx and VinFast Auto.
Diversification Opportunities for Inhibrx and VinFast Auto
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Inhibrx and VinFast is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Inhibrx and VinFast Auto Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VinFast Auto and Inhibrx 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 Inhibrx are associated (or correlated) with VinFast Auto. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VinFast Auto has no effect on the direction of Inhibrx i.e., Inhibrx and VinFast Auto go up and down completely randomly.
Pair Corralation between Inhibrx and VinFast Auto
Given the investment horizon of 90 days Inhibrx is expected to generate 0.5 times more return on investment than VinFast Auto. However, Inhibrx is 1.98 times less risky than VinFast Auto. It trades about -0.01 of its potential returns per unit of risk. VinFast Auto Ltd is currently generating about -0.02 per unit of risk. If you would invest 1,595 in Inhibrx on September 2, 2024 and sell it today you would lose (69.00) from holding Inhibrx or give up 4.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Inhibrx vs. VinFast Auto Ltd
Performance |
| Timeline |
| Inhibrx |
| VinFast Auto |
Inhibrx and VinFast Auto Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inhibrx and VinFast Auto
The main advantage of trading using opposite Inhibrx and VinFast Auto positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inhibrx position performs unexpectedly, VinFast Auto 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 VinFast Auto will offset losses from the drop in VinFast Auto's long position.| Inhibrx vs. Crinetics Pharmaceuticals | Inhibrx vs. Merus BV | Inhibrx vs. Lyell Immunopharma | Inhibrx vs. Kronos Bio |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |