Correlation Between 87264ABR5 and Lipocine
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By analyzing existing cross correlation between US87264ABR59 and Lipocine, you can compare the effects of market volatilities on 87264ABR5 and Lipocine 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 87264ABR5 with a short position of Lipocine. Check out your portfolio center. Please also check ongoing floating volatility patterns of 87264ABR5 and Lipocine.
Diversification Opportunities for 87264ABR5 and Lipocine
Significant diversification
The 3 months correlation between 87264ABR5 and Lipocine is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding US87264ABR59 and Lipocine in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lipocine and 87264ABR5 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 US87264ABR59 are associated (or correlated) with Lipocine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lipocine has no effect on the direction of 87264ABR5 i.e., 87264ABR5 and Lipocine go up and down completely randomly.
Pair Corralation between 87264ABR5 and Lipocine
Assuming the 90 days trading horizon US87264ABR59 is expected to under-perform the Lipocine. But the bond apears to be less risky and, when comparing its historical volatility, US87264ABR59 is 12.41 times less risky than Lipocine. The bond trades about -0.02 of its potential returns per unit of risk. The Lipocine is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 249.00 in Lipocine on September 4, 2024 and sell it today you would earn a total of 224.00 from holding Lipocine or generate 89.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.19% |
| Values | Daily Returns |
US87264ABR59 vs. Lipocine
Performance |
| Timeline |
| US87264ABR59 |
| Lipocine |
87264ABR5 and Lipocine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 87264ABR5 and Lipocine
The main advantage of trading using opposite 87264ABR5 and Lipocine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 87264ABR5 position performs unexpectedly, Lipocine 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 Lipocine will offset losses from the drop in Lipocine's long position.| 87264ABR5 vs. Oatly Group AB | 87264ABR5 vs. Summit Materials | 87264ABR5 vs. SNDL Inc | 87264ABR5 vs. Apogee Enterprises |
| Lipocine vs. Reviva Pharmaceuticals Holdings | Lipocine vs. ZyVersa Therapeutics | Lipocine vs. Unicycive Therapeutics | Lipocine vs. Checkpoint 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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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