Correlation Between Pressure Biosciences and ImmuCell
Can any of the company-specific risk be diversified away by investing in both Pressure Biosciences and ImmuCell 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 Pressure Biosciences and ImmuCell into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pressure Biosciences and ImmuCell, you can compare the effects of market volatilities on Pressure Biosciences and ImmuCell 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 Pressure Biosciences with a short position of ImmuCell. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pressure Biosciences and ImmuCell.
Diversification Opportunities for Pressure Biosciences and ImmuCell
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Pressure and ImmuCell is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Pressure Biosciences and ImmuCell in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ImmuCell and Pressure Biosciences 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 Pressure Biosciences are associated (or correlated) with ImmuCell. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ImmuCell has no effect on the direction of Pressure Biosciences i.e., Pressure Biosciences and ImmuCell go up and down completely randomly.
Pair Corralation between Pressure Biosciences and ImmuCell
If you would invest 358.00 in ImmuCell on September 2, 2024 and sell it today you would earn a total of 54.00 from holding ImmuCell or generate 15.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Pressure Biosciences vs. ImmuCell
Performance |
| Timeline |
| Pressure Biosciences |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| ImmuCell |
Pressure Biosciences and ImmuCell Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pressure Biosciences and ImmuCell
The main advantage of trading using opposite Pressure Biosciences and ImmuCell positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pressure Biosciences position performs unexpectedly, ImmuCell 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 ImmuCell will offset losses from the drop in ImmuCell's long position.| Pressure Biosciences vs. ImmuCell | Pressure Biosciences vs. Pro Dex | Pressure Biosciences vs. SANUWAVE Health |
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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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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