Correlation Between Newhydrogen and MabCure
Can any of the company-specific risk be diversified away by investing in both Newhydrogen and MabCure 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 Newhydrogen and MabCure into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Newhydrogen and MabCure, you can compare the effects of market volatilities on Newhydrogen and MabCure 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 Newhydrogen with a short position of MabCure. Check out your portfolio center. Please also check ongoing floating volatility patterns of Newhydrogen and MabCure.
Diversification Opportunities for Newhydrogen and MabCure
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Newhydrogen and MabCure is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Newhydrogen and MabCure in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MabCure and Newhydrogen 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 Newhydrogen are associated (or correlated) with MabCure. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MabCure has no effect on the direction of Newhydrogen i.e., Newhydrogen and MabCure go up and down completely randomly.
Pair Corralation between Newhydrogen and MabCure
Given the investment horizon of 90 days Newhydrogen is expected to under-perform the MabCure. But the pink sheet apears to be less risky and, when comparing its historical volatility, Newhydrogen is 11.14 times less risky than MabCure. The pink sheet trades about 0.0 of its potential returns per unit of risk. The MabCure is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 0.10 in MabCure on September 3, 2024 and sell it today you would lose (0.09) from holding MabCure or give up 90.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Newhydrogen vs. MabCure
Performance |
| Timeline |
| Newhydrogen |
| MabCure |
Newhydrogen and MabCure Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Newhydrogen and MabCure
The main advantage of trading using opposite Newhydrogen and MabCure positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Newhydrogen position performs unexpectedly, MabCure 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 MabCure will offset losses from the drop in MabCure's long position.| Newhydrogen vs. Solar Integrated Roofing | Newhydrogen vs. Ascent Solar Technologies, | Newhydrogen vs. SinglePoint | Newhydrogen vs. SunHydrogen |
| MabCure vs. SinglePoint | MabCure vs. VivoPower International PLC | MabCure vs. SPI Energy Co | MabCure vs. Solar Integrated Roofing |
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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