Correlation Between Regeneron Pharmaceuticals and VinFast Auto
Can any of the company-specific risk be diversified away by investing in both Regeneron Pharmaceuticals and VinFast Auto 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 VinFast Auto into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Regeneron Pharmaceuticals and VinFast Auto Ltd, you can compare the effects of market volatilities on Regeneron Pharmaceuticals and VinFast Auto 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 VinFast Auto. Check out your portfolio center. Please also check ongoing floating volatility patterns of Regeneron Pharmaceuticals and VinFast Auto.
Diversification Opportunities for Regeneron Pharmaceuticals and VinFast Auto
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Regeneron and VinFast is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Regeneron Pharmaceuticals and VinFast Auto Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VinFast Auto 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 VinFast Auto. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VinFast Auto has no effect on the direction of Regeneron Pharmaceuticals i.e., Regeneron Pharmaceuticals and VinFast Auto go up and down completely randomly.
Pair Corralation between Regeneron Pharmaceuticals and VinFast Auto
Given the investment horizon of 90 days Regeneron Pharmaceuticals is expected to generate 3.03 times less return on investment than VinFast Auto. But when comparing it to its historical volatility, Regeneron Pharmaceuticals is 6.05 times less risky than VinFast Auto. It trades about 0.15 of its potential returns per unit of risk. VinFast Auto Ltd is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 33.00 in VinFast Auto Ltd on November 29, 2024 and sell it today you would earn a total of 2.00 from holding VinFast Auto Ltd or generate 6.06% 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. VinFast Auto Ltd
Performance |
| Timeline |
| Regeneron Pharmaceuticals |
| VinFast Auto |
Regeneron Pharmaceuticals and VinFast Auto Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Regeneron Pharmaceuticals and VinFast Auto
The main advantage of trading using opposite Regeneron Pharmaceuticals and VinFast Auto positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Regeneron Pharmaceuticals position performs unexpectedly, VinFast Auto 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 VinFast Auto will offset losses from the drop in VinFast Auto'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 |
| VinFast Auto vs. Catalyst Metals Limited | VinFast Auto vs. BBB Foods | VinFast Auto vs. SunOpta | VinFast Auto vs. United Natural Foods |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |