Correlation Between STATE and Regeneron Pharmaceuticals
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By analyzing existing cross correlation between STATE STREET P and Regeneron Pharmaceuticals, you can compare the effects of market volatilities on STATE and Regeneron Pharmaceuticals 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 STATE with a short position of Regeneron Pharmaceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of STATE and Regeneron Pharmaceuticals.
Diversification Opportunities for STATE and Regeneron Pharmaceuticals
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between STATE and Regeneron is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding STATE STREET P and Regeneron Pharmaceuticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Regeneron Pharmaceuticals and STATE 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 STATE STREET P are associated (or correlated) with Regeneron Pharmaceuticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Regeneron Pharmaceuticals has no effect on the direction of STATE i.e., STATE and Regeneron Pharmaceuticals go up and down completely randomly.
Pair Corralation between STATE and Regeneron Pharmaceuticals
If you would invest (100.00) in STATE STREET P on September 13, 2024 and sell it today you would earn a total of 100.00 from holding STATE STREET P or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 0.0% |
| Values | Daily Returns |
STATE STREET P vs. Regeneron Pharmaceuticals
Performance |
| Timeline |
| STATE STREET P |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Regeneron Pharmaceuticals |
STATE and Regeneron Pharmaceuticals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with STATE and Regeneron Pharmaceuticals
The main advantage of trading using opposite STATE and Regeneron Pharmaceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if STATE position performs unexpectedly, Regeneron Pharmaceuticals 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 Regeneron Pharmaceuticals will offset losses from the drop in Regeneron Pharmaceuticals' long position.| STATE vs. SEI Investments | STATE vs. Ambev SA ADR | STATE vs. Turning Point Brands | STATE vs. Compania Cervecerias Unidas |
| Regeneron Pharmaceuticals vs. Crispr Therapeutics AG | Regeneron Pharmaceuticals vs. Novo Nordisk AS | Regeneron Pharmaceuticals vs. Sarepta Therapeutics | Regeneron Pharmaceuticals vs. Intellia Therapeutics |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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