Correlation Between Regeneron Pharmaceuticals and U Haul
Can any of the company-specific risk be diversified away by investing in both Regeneron Pharmaceuticals and U Haul 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 U Haul into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Regeneron Pharmaceuticals and U Haul Holding, you can compare the effects of market volatilities on Regeneron Pharmaceuticals and U Haul 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 U Haul. Check out your portfolio center. Please also check ongoing floating volatility patterns of Regeneron Pharmaceuticals and U Haul.
Diversification Opportunities for Regeneron Pharmaceuticals and U Haul
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Regeneron and UHAL is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Regeneron Pharmaceuticals and U Haul Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on U Haul Holding 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 U Haul. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of U Haul Holding has no effect on the direction of Regeneron Pharmaceuticals i.e., Regeneron Pharmaceuticals and U Haul go up and down completely randomly.
Pair Corralation between Regeneron Pharmaceuticals and U Haul
Given the investment horizon of 90 days Regeneron Pharmaceuticals is expected to under-perform the U Haul. In addition to that, Regeneron Pharmaceuticals is 1.57 times more volatile than U Haul Holding. It trades about -0.14 of its total potential returns per unit of risk. U Haul Holding is currently generating about 0.23 per unit of volatility. If you would invest 6,901 in U Haul Holding on November 3, 2024 and sell it today you would earn a total of 407.00 from holding U Haul Holding or generate 5.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Regeneron Pharmaceuticals vs. U Haul Holding
Performance |
| Timeline |
| Regeneron Pharmaceuticals |
| U Haul Holding |
Regeneron Pharmaceuticals and U Haul Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Regeneron Pharmaceuticals and U Haul
The main advantage of trading using opposite Regeneron Pharmaceuticals and U Haul positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Regeneron Pharmaceuticals position performs unexpectedly, U Haul 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 U Haul will offset losses from the drop in U Haul'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 |
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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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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