Correlation Between TGI Solar and MabCure
Can any of the company-specific risk be diversified away by investing in both TGI Solar and MabCure 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 TGI Solar and MabCure into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TGI Solar Power and MabCure, you can compare the effects of market volatilities on TGI Solar and MabCure 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 TGI Solar with a short position of MabCure. Check out your portfolio center. Please also check ongoing floating volatility patterns of TGI Solar and MabCure.
Diversification Opportunities for TGI Solar and MabCure
Pay attention - limited upside
The 3 months correlation between TGI and MabCure is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding TGI Solar Power and MabCure in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MabCure and TGI Solar 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 TGI Solar Power are associated (or correlated) with MabCure. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MabCure has no effect on the direction of TGI Solar i.e., TGI Solar and MabCure go up and down completely randomly.
Pair Corralation between TGI Solar and MabCure
If you would invest 0.01 in MabCure on August 31, 2024 and sell it today you would earn a total of 0.00 from holding MabCure or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
TGI Solar Power vs. MabCure
Performance |
| Timeline |
| TGI Solar Power |
| MabCure |
TGI Solar and MabCure Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TGI Solar and MabCure
The main advantage of trading using opposite TGI Solar and MabCure positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TGI Solar position performs unexpectedly, MabCure 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 MabCure will offset losses from the drop in MabCure's long position.| TGI Solar vs. Solar Integrated Roofing | TGI Solar vs. Clear Blue Technologies | TGI Solar vs. ABCO Energy | TGI Solar vs. SunHydrogen |
| MabCure vs. Newhydrogen | MabCure vs. Ascent Solar Technologies, | MabCure vs. SinglePoint | MabCure vs. TGI Solar Power |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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