Correlation Between Samsung Electronics and Mink Therapeutics
Can any of the company-specific risk be diversified away by investing in both Samsung Electronics and Mink 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 Samsung Electronics and Mink Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Samsung Electronics Co and Mink Therapeutics, you can compare the effects of market volatilities on Samsung Electronics and Mink 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 Samsung Electronics with a short position of Mink Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Samsung Electronics and Mink Therapeutics.
Diversification Opportunities for Samsung Electronics and Mink Therapeutics
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Samsung and Mink is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Samsung Electronics Co and Mink Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mink Therapeutics and Samsung Electronics 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 Samsung Electronics Co are associated (or correlated) with Mink Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mink Therapeutics has no effect on the direction of Samsung Electronics i.e., Samsung Electronics and Mink Therapeutics go up and down completely randomly.
Pair Corralation between Samsung Electronics and Mink Therapeutics
Assuming the 90 days horizon Samsung Electronics Co is expected to generate 0.01 times more return on investment than Mink Therapeutics. However, Samsung Electronics Co is 85.73 times less risky than Mink Therapeutics. It trades about 0.1 of its potential returns per unit of risk. Mink Therapeutics is currently generating about -0.02 per unit of risk. If you would invest 3,925 in Samsung Electronics Co on August 23, 2024 and sell it today you would earn a total of 135.00 from holding Samsung Electronics Co or generate 3.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Samsung Electronics Co vs. Mink Therapeutics
Performance |
| Timeline |
| Samsung Electronics |
| Mink Therapeutics |
Samsung Electronics and Mink Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Samsung Electronics and Mink Therapeutics
The main advantage of trading using opposite Samsung Electronics and Mink Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Samsung Electronics position performs unexpectedly, Mink 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 Mink Therapeutics will offset losses from the drop in Mink Therapeutics' long position.| Samsung Electronics vs. Universal Electronics | Samsung Electronics vs. Vizio Holding Corp | Samsung Electronics vs. VOXX International | Samsung Electronics vs. Sony Group Corp |
| Mink Therapeutics vs. Affimed NV | Mink Therapeutics vs. Adaptimmune Therapeutics Plc | Mink Therapeutics vs. Sangamo Therapeutics | Mink Therapeutics vs. Day One Biopharmaceuticals |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |