Correlation Between Lincoln Electric and Apogee Therapeutics,
Can any of the company-specific risk be diversified away by investing in both Lincoln Electric and Apogee Therapeutics, 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 Lincoln Electric and Apogee Therapeutics, into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Lincoln Electric Holdings and Apogee Therapeutics, Common, you can compare the effects of market volatilities on Lincoln Electric and Apogee Therapeutics, 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 Lincoln Electric with a short position of Apogee Therapeutics,. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lincoln Electric and Apogee Therapeutics,.
Diversification Opportunities for Lincoln Electric and Apogee Therapeutics,
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Lincoln and Apogee is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Lincoln Electric Holdings and Apogee Therapeutics, Common in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apogee Therapeutics, and Lincoln Electric 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 Lincoln Electric Holdings are associated (or correlated) with Apogee Therapeutics,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apogee Therapeutics, has no effect on the direction of Lincoln Electric i.e., Lincoln Electric and Apogee Therapeutics, go up and down completely randomly.
Pair Corralation between Lincoln Electric and Apogee Therapeutics,
Given the investment horizon of 90 days Lincoln Electric is expected to generate 7.18 times less return on investment than Apogee Therapeutics,. But when comparing it to its historical volatility, Lincoln Electric Holdings is 2.8 times less risky than Apogee Therapeutics,. It trades about 0.03 of its potential returns per unit of risk. Apogee Therapeutics, Common is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,700 in Apogee Therapeutics, Common on October 11, 2024 and sell it today you would earn a total of 3,221 from holding Apogee Therapeutics, Common or generate 189.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 76.01% |
| Values | Daily Returns |
Lincoln Electric Holdings vs. Apogee Therapeutics, Common
Performance |
| Timeline |
| Lincoln Electric Holdings |
| Apogee Therapeutics, |
Lincoln Electric and Apogee Therapeutics, Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lincoln Electric and Apogee Therapeutics,
The main advantage of trading using opposite Lincoln Electric and Apogee Therapeutics, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lincoln Electric position performs unexpectedly, Apogee Therapeutics, 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 Apogee Therapeutics, will offset losses from the drop in Apogee Therapeutics,'s long position.| Lincoln Electric vs. Kennametal | Lincoln Electric vs. Toro Co | Lincoln Electric vs. Snap On | Lincoln Electric vs. RBC Bearings Incorporated |
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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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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