Correlation Between Lipocine and American
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By analyzing existing cross correlation between Lipocine and American Axle Manufacturing, you can compare the effects of market volatilities on Lipocine and American 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 Lipocine with a short position of American. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lipocine and American.
Diversification Opportunities for Lipocine and American
Significant diversification
The 3 months correlation between Lipocine and American is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Lipocine and American Axle Manufacturing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on American Axle Manufa and Lipocine 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 Lipocine are associated (or correlated) with American. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of American Axle Manufa has no effect on the direction of Lipocine i.e., Lipocine and American go up and down completely randomly.
Pair Corralation between Lipocine and American
Given the investment horizon of 90 days Lipocine is expected to generate 6.86 times more return on investment than American. However, Lipocine is 6.86 times more volatile than American Axle Manufacturing. It trades about 0.08 of its potential returns per unit of risk. American Axle Manufacturing is currently generating about -0.03 per unit of risk. If you would invest 263.00 in Lipocine on September 12, 2024 and sell it today you would earn a total of 268.00 from holding Lipocine or generate 101.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 97.58% |
| Values | Daily Returns |
Lipocine vs. American Axle Manufacturing
Performance |
| Timeline |
| Lipocine |
| American Axle Manufa |
Lipocine and American Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lipocine and American
The main advantage of trading using opposite Lipocine and American positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lipocine position performs unexpectedly, American 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 American will offset losses from the drop in American's long position.| Lipocine vs. Reviva Pharmaceuticals Holdings | Lipocine vs. ZyVersa Therapeutics | Lipocine vs. Unicycive Therapeutics | Lipocine vs. Checkpoint Therapeutics |
| American vs. Pinterest | American vs. Grocery Outlet Holding | American vs. Kandi Technologies Group | American vs. ATRenew Inc DRC |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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