Correlation Between WISCONSIN and Lipocine
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By analyzing existing cross correlation between WISCONSIN ELEC PWR and Lipocine, you can compare the effects of market volatilities on WISCONSIN 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 WISCONSIN with a short position of Lipocine. Check out your portfolio center. Please also check ongoing floating volatility patterns of WISCONSIN and Lipocine.
Diversification Opportunities for WISCONSIN and Lipocine
Very weak diversification
The 3 months correlation between WISCONSIN and Lipocine is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding WISCONSIN ELEC PWR and Lipocine in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lipocine and WISCONSIN 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 WISCONSIN ELEC PWR 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 WISCONSIN i.e., WISCONSIN and Lipocine go up and down completely randomly.
Pair Corralation between WISCONSIN and Lipocine
Assuming the 90 days trading horizon WISCONSIN ELEC PWR is expected to generate 0.11 times more return on investment than Lipocine. However, WISCONSIN ELEC PWR is 9.1 times less risky than Lipocine. It trades about -0.36 of its potential returns per unit of risk. Lipocine is currently generating about -0.12 per unit of risk. If you would invest 9,900 in WISCONSIN ELEC PWR on September 5, 2024 and sell it today you would lose (369.00) from holding WISCONSIN ELEC PWR or give up 3.73% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 68.18% |
| Values | Daily Returns |
WISCONSIN ELEC PWR vs. Lipocine
Performance |
| Timeline |
| WISCONSIN ELEC PWR |
| Lipocine |
WISCONSIN and Lipocine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with WISCONSIN and Lipocine
The main advantage of trading using opposite WISCONSIN and Lipocine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WISCONSIN 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.| WISCONSIN vs. Lipocine | WISCONSIN vs. Datadog | WISCONSIN vs. SmartStop Self Storage | WISCONSIN vs. Amkor Technology |
| Lipocine vs. Crinetics Pharmaceuticals | Lipocine vs. Enanta Pharmaceuticals | Lipocine vs. Amicus Therapeutics | Lipocine vs. Connect Biopharma Holdings |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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