Correlation Between Mink Therapeutics and FEDEX

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Can any of the company-specific risk be diversified away by investing in both Mink Therapeutics and FEDEX 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 Mink Therapeutics and FEDEX into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mink Therapeutics and FEDEX P 44, you can compare the effects of market volatilities on Mink Therapeutics and FEDEX 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 Mink Therapeutics with a short position of FEDEX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mink Therapeutics and FEDEX.

Diversification Opportunities for Mink Therapeutics and FEDEX

0.35
  Correlation Coefficient

Weak diversification

The 3 months correlation between Mink and FEDEX is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Mink Therapeutics and FEDEX P 44 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FEDEX P 44 and Mink Therapeutics 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 Mink Therapeutics are associated (or correlated) with FEDEX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FEDEX P 44 has no effect on the direction of Mink Therapeutics i.e., Mink Therapeutics and FEDEX go up and down completely randomly.

Pair Corralation between Mink Therapeutics and FEDEX

Given the investment horizon of 90 days Mink Therapeutics is expected to under-perform the FEDEX. In addition to that, Mink Therapeutics is 2.13 times more volatile than FEDEX P 44. It trades about -0.02 of its total potential returns per unit of risk. FEDEX P 44 is currently generating about 0.0 per unit of volatility. If you would invest  8,746  in FEDEX P 44 on September 14, 2024 and sell it today you would lose (364.00) from holding FEDEX P 44 or give up 4.16% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Weak
Accuracy88.76%
ValuesDaily Returns

Mink Therapeutics  vs.  FEDEX P 44

 Performance 
       Timeline  
Mink Therapeutics 

Risk-Adjusted Performance

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Weak
 
Strong
Very Weak
Over the last 90 days Mink Therapeutics has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of inconsistent performance in the last few months, the Stock's forward-looking signals remain comparatively stable which may send shares a bit higher in January 2025. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.
FEDEX P 44 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days FEDEX P 44 has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, FEDEX is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Mink Therapeutics and FEDEX Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Mink Therapeutics and FEDEX

The main advantage of trading using opposite Mink Therapeutics and FEDEX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mink Therapeutics position performs unexpectedly, FEDEX 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 FEDEX will offset losses from the drop in FEDEX's long position.
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The idea behind Mink Therapeutics and FEDEX P 44 pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.

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