Correlation Between Intel and Curis
Can any of the company-specific risk be diversified away by investing in both Intel and Curis 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 Intel and Curis into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intel and Curis Inc, you can compare the effects of market volatilities on Intel and Curis 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 Intel with a short position of Curis. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and Curis.
Diversification Opportunities for Intel and Curis
Excellent diversification
The 3 months correlation between Intel and Curis is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding Intel and Curis Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Curis Inc and Intel 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 Intel are associated (or correlated) with Curis. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Curis Inc has no effect on the direction of Intel i.e., Intel and Curis go up and down completely randomly.
Pair Corralation between Intel and Curis
Given the investment horizon of 90 days Intel is expected to generate 0.93 times more return on investment than Curis. However, Intel is 1.08 times less risky than Curis. It trades about 0.03 of its potential returns per unit of risk. Curis Inc is currently generating about -0.21 per unit of risk. If you would invest 2,292 in Intel on August 29, 2024 and sell it today you would earn a total of 33.50 from holding Intel or generate 1.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intel vs. Curis Inc
Performance |
| Timeline |
| Intel |
| Curis Inc |
Intel and Curis Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and Curis
The main advantage of trading using opposite Intel and Curis positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, Curis 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 Curis will offset losses from the drop in Curis' long position.| Intel vs. ABIVAX Socit Anonyme | Intel vs. Morningstar Unconstrained Allocation | Intel vs. SPACE | Intel vs. Knife River |
| Curis vs. Aileron Therapeutics | Curis vs. Artelo Biosciences | Curis vs. Histogen | Curis vs. X4 Pharmaceuticals |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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