Correlation Between Monopar Therapeutics and EQUINOR
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By analyzing existing cross correlation between Monopar Therapeutics and EQUINOR ASA, you can compare the effects of market volatilities on Monopar Therapeutics and EQUINOR 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 Monopar Therapeutics with a short position of EQUINOR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Monopar Therapeutics and EQUINOR.
Diversification Opportunities for Monopar Therapeutics and EQUINOR
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Monopar and EQUINOR is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Monopar Therapeutics and EQUINOR ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EQUINOR ASA and Monopar Therapeutics 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 Monopar Therapeutics are associated (or correlated) with EQUINOR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EQUINOR ASA has no effect on the direction of Monopar Therapeutics i.e., Monopar Therapeutics and EQUINOR go up and down completely randomly.
Pair Corralation between Monopar Therapeutics and EQUINOR
Given the investment horizon of 90 days Monopar Therapeutics is expected to generate 7.17 times more return on investment than EQUINOR. However, Monopar Therapeutics is 7.17 times more volatile than EQUINOR ASA. It trades about 0.26 of its potential returns per unit of risk. EQUINOR ASA is currently generating about 0.01 per unit of risk. If you would invest 1,463 in Monopar Therapeutics on November 1, 2024 and sell it today you would earn a total of 2,762 from holding Monopar Therapeutics or generate 188.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 70.0% |
| Values | Daily Returns |
Monopar Therapeutics vs. EQUINOR ASA
Performance |
| Timeline |
| Monopar Therapeutics |
| EQUINOR ASA |
Monopar Therapeutics and EQUINOR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Monopar Therapeutics and EQUINOR
The main advantage of trading using opposite Monopar Therapeutics and EQUINOR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Monopar Therapeutics position performs unexpectedly, EQUINOR 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 EQUINOR will offset losses from the drop in EQUINOR's long position.| Monopar Therapeutics vs. Anebulo Pharmaceuticals | Monopar Therapeutics vs. Acrivon Therapeutics, Common | Monopar Therapeutics vs. Pmv Pharmaceuticals | Monopar Therapeutics vs. Molecular Partners AG |
| EQUINOR vs. Gentex | EQUINOR vs. Atmus Filtration Technologies | EQUINOR vs. Freedom Holding Corp | EQUINOR vs. Cedar Realty Trust |
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 Directory module to find actively traded commodities issued by global exchanges.
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