Correlation Between Regenerx Biopharm and Guided Therapeutics
Can any of the company-specific risk be diversified away by investing in both Regenerx Biopharm and Guided 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 Regenerx Biopharm and Guided Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Regenerx Biopharm In and Guided Therapeutics, you can compare the effects of market volatilities on Regenerx Biopharm and Guided 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 Regenerx Biopharm with a short position of Guided Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Regenerx Biopharm and Guided Therapeutics.
Diversification Opportunities for Regenerx Biopharm and Guided Therapeutics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Regenerx and Guided is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Regenerx Biopharm In and Guided Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guided Therapeutics and Regenerx Biopharm 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 Regenerx Biopharm In are associated (or correlated) with Guided Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guided Therapeutics has no effect on the direction of Regenerx Biopharm i.e., Regenerx Biopharm and Guided Therapeutics go up and down completely randomly.
Pair Corralation between Regenerx Biopharm and Guided Therapeutics
If you would invest 25.00 in Guided Therapeutics on January 13, 2025 and sell it today you would lose (15.00) from holding Guided Therapeutics or give up 60.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Regenerx Biopharm In vs. Guided Therapeutics
Performance |
| Timeline |
| Regenerx Biopharm |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Guided Therapeutics |
Regenerx Biopharm and Guided Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Regenerx Biopharm and Guided Therapeutics
The main advantage of trading using opposite Regenerx Biopharm and Guided Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Regenerx Biopharm position performs unexpectedly, Guided 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 Guided Therapeutics will offset losses from the drop in Guided Therapeutics' long position.| Regenerx Biopharm vs. Fortress Biotech Pref | Regenerx Biopharm vs. Awakn Life Sciences | Regenerx Biopharm vs. Regen BioPharma | Regenerx Biopharm vs. Regen BioPharma |
| Guided Therapeutics vs. Nephros | Guided Therapeutics vs. Intelgenx Technologs | Guided Therapeutics vs. SANUWAVE Health, Common | Guided Therapeutics vs. Spectrascience New |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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