Correlation Between Nanobiotix and Medincell
Can any of the company-specific risk be diversified away by investing in both Nanobiotix and Medincell 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 Nanobiotix and Medincell into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nanobiotix SA and Medincell SA, you can compare the effects of market volatilities on Nanobiotix and Medincell 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 Nanobiotix with a short position of Medincell. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanobiotix and Medincell.
Diversification Opportunities for Nanobiotix and Medincell
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nanobiotix and Medincell is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nanobiotix SA and Medincell SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Medincell SA and Nanobiotix 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 Nanobiotix SA are associated (or correlated) with Medincell. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Medincell SA has no effect on the direction of Nanobiotix i.e., Nanobiotix and Medincell go up and down completely randomly.
Pair Corralation between Nanobiotix and Medincell
If you would invest 299.00 in Nanobiotix SA on November 8, 2024 and sell it today you would earn a total of 46.00 from holding Nanobiotix SA or generate 15.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.35% |
| Values | Daily Returns |
Nanobiotix SA vs. Medincell SA
Performance |
| Timeline |
| Nanobiotix SA |
| Medincell SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Nanobiotix and Medincell Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nanobiotix and Medincell
The main advantage of trading using opposite Nanobiotix and Medincell positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nanobiotix position performs unexpectedly, Medincell 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 Medincell will offset losses from the drop in Medincell's long position.The idea behind Nanobiotix SA and Medincell SA pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Medincell vs. OSE Pharma SA | Medincell vs. Eurobio Scientific SA | Medincell vs. Abivax SA | Medincell vs. Biosynex |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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