Correlation Between Life Time and Tevogen Bio
Can any of the company-specific risk be diversified away by investing in both Life Time and Tevogen Bio 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 Life Time and Tevogen Bio into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Life Time Group and Tevogen Bio Holdings, you can compare the effects of market volatilities on Life Time and Tevogen Bio 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 Life Time with a short position of Tevogen Bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Life Time and Tevogen Bio.
Diversification Opportunities for Life Time and Tevogen Bio
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Life and Tevogen is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Life Time Group and Tevogen Bio Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tevogen Bio Holdings and Life Time 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 Life Time Group are associated (or correlated) with Tevogen Bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tevogen Bio Holdings has no effect on the direction of Life Time i.e., Life Time and Tevogen Bio go up and down completely randomly.
Pair Corralation between Life Time and Tevogen Bio
Considering the 90-day investment horizon Life Time Group is expected to generate 0.13 times more return on investment than Tevogen Bio. However, Life Time Group is 7.61 times less risky than Tevogen Bio. It trades about 0.19 of its potential returns per unit of risk. Tevogen Bio Holdings is currently generating about -0.12 per unit of risk. If you would invest 2,258 in Life Time Group on September 5, 2024 and sell it today you would earn a total of 154.00 from holding Life Time Group or generate 6.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Life Time Group vs. Tevogen Bio Holdings
Performance |
| Timeline |
| Life Time Group |
| Tevogen Bio Holdings |
Life Time and Tevogen Bio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Life Time and Tevogen Bio
The main advantage of trading using opposite Life Time and Tevogen Bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Life Time position performs unexpectedly, Tevogen Bio 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 Tevogen Bio will offset losses from the drop in Tevogen Bio's long position.| Life Time vs. Hyatt Hotels | Life Time vs. Smart Share Global | Life Time vs. Wyndham Hotels Resorts | Life Time vs. WW International |
| Tevogen Bio vs. BRP Inc | Tevogen Bio vs. Emerson Radio | Tevogen Bio vs. Life Time Group | Tevogen Bio vs. Xponential Fitness |
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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