Correlation Between NYSE Composite and Immunic
Can any of the company-specific risk be diversified away by investing in both NYSE Composite and Immunic 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 NYSE Composite and Immunic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NYSE Composite and Immunic, you can compare the effects of market volatilities on NYSE Composite and Immunic 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 NYSE Composite with a short position of Immunic. Check out your portfolio center. Please also check ongoing floating volatility patterns of NYSE Composite and Immunic.
Diversification Opportunities for NYSE Composite and Immunic
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between NYSE and Immunic is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding NYSE Composite and Immunic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Immunic and NYSE Composite 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 NYSE Composite are associated (or correlated) with Immunic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Immunic has no effect on the direction of NYSE Composite i.e., NYSE Composite and Immunic go up and down completely randomly.
Pair Corralation between NYSE Composite and Immunic
Assuming the 90 days trading horizon NYSE Composite is expected to generate 0.21 times more return on investment than Immunic. However, NYSE Composite is 4.67 times less risky than Immunic. It trades about 0.32 of its potential returns per unit of risk. Immunic is currently generating about 0.02 per unit of risk. If you would invest 1,909,542 in NYSE Composite on November 3, 2024 and sell it today you would earn a total of 90,340 from holding NYSE Composite or generate 4.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
NYSE Composite vs. Immunic
Performance |
| Timeline |
NYSE Composite and Immunic Volatility Contrast
Predicted Return Density |
| Returns |
NYSE Composite
Pair trading matchups for NYSE Composite
Immunic
Pair trading matchups for Immunic
Pair Trading with NYSE Composite and Immunic
The main advantage of trading using opposite NYSE Composite and Immunic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NYSE Composite position performs unexpectedly, Immunic 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 Immunic will offset losses from the drop in Immunic's long position.| NYSE Composite vs. Arrow Electronics | NYSE Composite vs. Cirmaker Technology | NYSE Composite vs. Zhihu Inc ADR | NYSE Composite vs. Weibo Corp |
| Immunic vs. Generation Bio Co | Immunic vs. Kronos Bio | Immunic vs. Erasca Inc | Immunic vs. C4 Therapeutics |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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