Correlation Between Regeneron Pharmaceuticals and Super League
Can any of the company-specific risk be diversified away by investing in both Regeneron Pharmaceuticals and Super League 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 Regeneron Pharmaceuticals and Super League into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Regeneron Pharmaceuticals and Super League Enterprise, you can compare the effects of market volatilities on Regeneron Pharmaceuticals and Super League 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 Regeneron Pharmaceuticals with a short position of Super League. Check out your portfolio center. Please also check ongoing floating volatility patterns of Regeneron Pharmaceuticals and Super League.
Diversification Opportunities for Regeneron Pharmaceuticals and Super League
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Regeneron and Super is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Regeneron Pharmaceuticals and Super League Enterprise in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Super League Enterprise and Regeneron Pharmaceuticals 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 Regeneron Pharmaceuticals are associated (or correlated) with Super League. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Super League Enterprise has no effect on the direction of Regeneron Pharmaceuticals i.e., Regeneron Pharmaceuticals and Super League go up and down completely randomly.
Pair Corralation between Regeneron Pharmaceuticals and Super League
Given the investment horizon of 90 days Regeneron Pharmaceuticals is expected to generate 0.64 times more return on investment than Super League. However, Regeneron Pharmaceuticals is 1.55 times less risky than Super League. It trades about -0.15 of its potential returns per unit of risk. Super League Enterprise is currently generating about -0.34 per unit of risk. If you would invest 71,815 in Regeneron Pharmaceuticals on November 4, 2024 and sell it today you would lose (4,517) from holding Regeneron Pharmaceuticals or give up 6.29% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Regeneron Pharmaceuticals vs. Super League Enterprise
Performance |
| Timeline |
| Regeneron Pharmaceuticals |
| Super League Enterprise |
Regeneron Pharmaceuticals and Super League Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Regeneron Pharmaceuticals and Super League
The main advantage of trading using opposite Regeneron Pharmaceuticals and Super League positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Regeneron Pharmaceuticals position performs unexpectedly, Super League 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 Super League will offset losses from the drop in Super League's long position.| Regeneron Pharmaceuticals vs. Crispr Therapeutics AG | Regeneron Pharmaceuticals vs. Novo Nordisk AS | Regeneron Pharmaceuticals vs. Sarepta Therapeutics | Regeneron Pharmaceuticals vs. Intellia Therapeutics |
| Super League vs. Data3 Limited | Super League vs. Turning Point Brands | Super League vs. Vita Coco | Super League vs. RLX Technology |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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