Correlation Between Astra International and Immune Therapeutics
Can any of the company-specific risk be diversified away by investing in both Astra International and Immune Therapeutics 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 Astra International and Immune Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astra International Tbk and Immune Therapeutics, you can compare the effects of market volatilities on Astra International and Immune Therapeutics 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 Astra International with a short position of Immune Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astra International and Immune Therapeutics.
Diversification Opportunities for Astra International and Immune Therapeutics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Astra and Immune is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Astra International Tbk and Immune Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Immune Therapeutics and Astra International 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 Astra International Tbk are associated (or correlated) with Immune Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Immune Therapeutics has no effect on the direction of Astra International i.e., Astra International and Immune Therapeutics go up and down completely randomly.
Pair Corralation between Astra International and Immune Therapeutics
If you would invest (100.00) in Immune Therapeutics on November 28, 2024 and sell it today you would earn a total of 100.00 from holding Immune Therapeutics or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Astra International Tbk vs. Immune Therapeutics
Performance |
| Timeline |
| Astra International Tbk |
| Immune Therapeutics |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Astra International and Immune Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astra International and Immune Therapeutics
The main advantage of trading using opposite Astra International and Immune Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astra International position performs unexpectedly, Immune Therapeutics 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 Immune Therapeutics will offset losses from the drop in Immune Therapeutics' long position.| Astra International vs. Allison Transmission Holdings | Astra International vs. Luminar Technologies | Astra International vs. Lear Corporation | Astra International vs. BorgWarner |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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