Correlation Between Monopar Therapeutics and GENERAL
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By analyzing existing cross correlation between Monopar Therapeutics and GENERAL ELEC CAP, you can compare the effects of market volatilities on Monopar Therapeutics and GENERAL 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 GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Monopar Therapeutics and GENERAL.
Diversification Opportunities for Monopar Therapeutics and GENERAL
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Monopar and GENERAL is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Monopar Therapeutics and GENERAL ELEC CAP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENERAL ELEC CAP 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 GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENERAL ELEC CAP has no effect on the direction of Monopar Therapeutics i.e., Monopar Therapeutics and GENERAL go up and down completely randomly.
Pair Corralation between Monopar Therapeutics and GENERAL
Given the investment horizon of 90 days Monopar Therapeutics is expected to generate 11.19 times more return on investment than GENERAL. However, Monopar Therapeutics is 11.19 times more volatile than GENERAL ELEC CAP. It trades about 0.33 of its potential returns per unit of risk. GENERAL ELEC CAP is currently generating about -0.02 per unit of risk. If you would invest 2,200 in Monopar Therapeutics on November 1, 2024 and sell it today you would earn a total of 1,560 from holding Monopar Therapeutics or generate 70.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 45.0% |
| Values | Daily Returns |
Monopar Therapeutics vs. GENERAL ELEC CAP
Performance |
| Timeline |
| Monopar Therapeutics |
| GENERAL ELEC CAP |
Monopar Therapeutics and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Monopar Therapeutics and GENERAL
The main advantage of trading using opposite Monopar Therapeutics and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Monopar Therapeutics position performs unexpectedly, GENERAL 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 GENERAL will offset losses from the drop in GENERAL'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 |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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