Correlation Between Lipocine and 538034AR0
Specify exactly 2 symbols:
By analyzing existing cross correlation between Lipocine and Live Nation Entertainment, you can compare the effects of market volatilities on Lipocine and 538034AR0 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 538034AR0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lipocine and 538034AR0.
Diversification Opportunities for Lipocine and 538034AR0
Good diversification
The 3 months correlation between Lipocine and 538034AR0 is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Lipocine and Live Nation Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Live Nation Entertainment 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 538034AR0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Live Nation Entertainment has no effect on the direction of Lipocine i.e., Lipocine and 538034AR0 go up and down completely randomly.
Pair Corralation between Lipocine and 538034AR0
Given the investment horizon of 90 days Lipocine is expected to generate 11.14 times more return on investment than 538034AR0. However, Lipocine is 11.14 times more volatile than Live Nation Entertainment. It trades about 0.01 of its potential returns per unit of risk. Live Nation Entertainment is currently generating about 0.02 per unit of risk. If you would invest 750.00 in Lipocine on September 5, 2024 and sell it today you would lose (277.00) from holding Lipocine or give up 36.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 96.97% |
| Values | Daily Returns |
Lipocine vs. Live Nation Entertainment
Performance |
| Timeline |
| Lipocine |
| Live Nation Entertainment |
Lipocine and 538034AR0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lipocine and 538034AR0
The main advantage of trading using opposite Lipocine and 538034AR0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lipocine position performs unexpectedly, 538034AR0 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 538034AR0 will offset losses from the drop in 538034AR0's long position.| Lipocine vs. Crinetics Pharmaceuticals | Lipocine vs. Enanta Pharmaceuticals | Lipocine vs. Amicus Therapeutics | Lipocine vs. Connect Biopharma Holdings |
| 538034AR0 vs. Boyd Gaming | 538034AR0 vs. Capital Clean Energy | 538034AR0 vs. China Clean Energy | 538034AR0 vs. Advanced Micro Devices |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
Other Complementary Tools
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |