Correlation Between NUCOR and Valneva SE
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By analyzing existing cross correlation between NUCOR P 52 and Valneva SE ADR, you can compare the effects of market volatilities on NUCOR and Valneva SE 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 NUCOR with a short position of Valneva SE. Check out your portfolio center. Please also check ongoing floating volatility patterns of NUCOR and Valneva SE.
Diversification Opportunities for NUCOR and Valneva SE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between NUCOR and Valneva is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding NUCOR P 52 and Valneva SE ADR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Valneva SE ADR and NUCOR 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 NUCOR P 52 are associated (or correlated) with Valneva SE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Valneva SE ADR has no effect on the direction of NUCOR i.e., NUCOR and Valneva SE go up and down completely randomly.
Pair Corralation between NUCOR and Valneva SE
Assuming the 90 days trading horizon NUCOR P 52 is expected to generate 0.68 times more return on investment than Valneva SE. However, NUCOR P 52 is 1.46 times less risky than Valneva SE. It trades about 0.02 of its potential returns per unit of risk. Valneva SE ADR is currently generating about -0.11 per unit of risk. If you would invest 9,319 in NUCOR P 52 on September 14, 2024 and sell it today you would earn a total of 142.00 from holding NUCOR P 52 or generate 1.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 31.97% |
| Values | Daily Returns |
NUCOR P 52 vs. Valneva SE ADR
Performance |
| Timeline |
| NUCOR P 52 |
| Valneva SE ADR |
NUCOR and Valneva SE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NUCOR and Valneva SE
The main advantage of trading using opposite NUCOR and Valneva SE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NUCOR position performs unexpectedly, Valneva SE 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 Valneva SE will offset losses from the drop in Valneva SE's long position.| NUCOR vs. Valneva SE ADR | NUCOR vs. East Africa Metals | NUCOR vs. Nuvalent | NUCOR vs. Red Branch Technologies |
| Valneva SE vs. NuCana PLC | Valneva SE vs. Sage Therapeutic | Valneva SE vs. Sellas Life Sciences | Valneva SE vs. Third Harmonic Bio |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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