Correlation Between Lipocine and ENELIM
Specify exactly 2 symbols:
By analyzing existing cross correlation between Lipocine and ENELIM 75 14 OCT 32, you can compare the effects of market volatilities on Lipocine and ENELIM 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 ENELIM. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lipocine and ENELIM.
Diversification Opportunities for Lipocine and ENELIM
Good diversification
The 3 months correlation between Lipocine and ENELIM is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Lipocine and ENELIM 75 14 OCT 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ENELIM 75 14 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 ENELIM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ENELIM 75 14 has no effect on the direction of Lipocine i.e., Lipocine and ENELIM go up and down completely randomly.
Pair Corralation between Lipocine and ENELIM
Given the investment horizon of 90 days Lipocine is expected to generate 7.04 times more return on investment than ENELIM. However, Lipocine is 7.04 times more volatile than ENELIM 75 14 OCT 32. It trades about 0.11 of its potential returns per unit of risk. ENELIM 75 14 OCT 32 is currently generating about 0.03 per unit of risk. If you would invest 408.00 in Lipocine on September 12, 2024 and sell it today you would earn a total of 123.00 from holding Lipocine or generate 30.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 71.88% |
| Values | Daily Returns |
Lipocine vs. ENELIM 75 14 OCT 32
Performance |
| Timeline |
| Lipocine |
| ENELIM 75 14 |
Lipocine and ENELIM Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lipocine and ENELIM
The main advantage of trading using opposite Lipocine and ENELIM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lipocine position performs unexpectedly, ENELIM 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 ENELIM will offset losses from the drop in ENELIM's long position.| Lipocine vs. Emergent Biosolutions | Lipocine vs. Bausch Health Companies | Lipocine vs. Neurocrine Biosciences | Lipocine vs. Teva Pharma Industries |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal |