Correlation Between Lipocine and GOLDMAN
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By analyzing existing cross correlation between Lipocine and GOLDMAN SACHS GROUP, you can compare the effects of market volatilities on Lipocine and GOLDMAN 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 GOLDMAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lipocine and GOLDMAN.
Diversification Opportunities for Lipocine and GOLDMAN
Poor diversification
The 3 months correlation between Lipocine and GOLDMAN is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Lipocine and GOLDMAN SACHS GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GOLDMAN SACHS GROUP 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 GOLDMAN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GOLDMAN SACHS GROUP has no effect on the direction of Lipocine i.e., Lipocine and GOLDMAN go up and down completely randomly.
Pair Corralation between Lipocine and GOLDMAN
Given the investment horizon of 90 days Lipocine is expected to under-perform the GOLDMAN. In addition to that, Lipocine is 3.16 times more volatile than GOLDMAN SACHS GROUP. It trades about -0.21 of its total potential returns per unit of risk. GOLDMAN SACHS GROUP is currently generating about -0.34 per unit of volatility. If you would invest 9,893 in GOLDMAN SACHS GROUP on September 3, 2024 and sell it today you would lose (323.00) from holding GOLDMAN SACHS GROUP or give up 3.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 25.0% |
| Values | Daily Returns |
Lipocine vs. GOLDMAN SACHS GROUP
Performance |
| Timeline |
| Lipocine |
| GOLDMAN SACHS GROUP |
Lipocine and GOLDMAN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lipocine and GOLDMAN
The main advantage of trading using opposite Lipocine and GOLDMAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lipocine position performs unexpectedly, GOLDMAN 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 GOLDMAN will offset losses from the drop in GOLDMAN's long position.| Lipocine vs. DiaMedica Therapeutics | Lipocine vs. Lyra Therapeutics | Lipocine vs. Centessa Pharmaceuticals PLC |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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