Correlation Between VBI Vaccines and Jaguar Animal
Can any of the company-specific risk be diversified away by investing in both VBI Vaccines and Jaguar Animal 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 VBI Vaccines and Jaguar Animal into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between VBI Vaccines and Jaguar Animal Health, you can compare the effects of market volatilities on VBI Vaccines and Jaguar Animal 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 VBI Vaccines with a short position of Jaguar Animal. Check out your portfolio center. Please also check ongoing floating volatility patterns of VBI Vaccines and Jaguar Animal.
Diversification Opportunities for VBI Vaccines and Jaguar Animal
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between VBI and Jaguar is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding VBI Vaccines and Jaguar Animal Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jaguar Animal Health and VBI Vaccines 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 VBI Vaccines are associated (or correlated) with Jaguar Animal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jaguar Animal Health has no effect on the direction of VBI Vaccines i.e., VBI Vaccines and Jaguar Animal go up and down completely randomly.
Pair Corralation between VBI Vaccines and Jaguar Animal
Given the investment horizon of 90 days VBI Vaccines is expected to under-perform the Jaguar Animal. In addition to that, VBI Vaccines is 1.22 times more volatile than Jaguar Animal Health. It trades about -0.09 of its total potential returns per unit of risk. Jaguar Animal Health is currently generating about -0.08 per unit of volatility. If you would invest 50,400 in Jaguar Animal Health on August 29, 2024 and sell it today you would lose (50,300) from holding Jaguar Animal Health or give up 99.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 84.48% |
| Values | Daily Returns |
VBI Vaccines vs. Jaguar Animal Health
Performance |
| Timeline |
| VBI Vaccines |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Jaguar Animal Health |
VBI Vaccines and Jaguar Animal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with VBI Vaccines and Jaguar Animal
The main advantage of trading using opposite VBI Vaccines and Jaguar Animal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if VBI Vaccines position performs unexpectedly, Jaguar Animal 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 Jaguar Animal will offset losses from the drop in Jaguar Animal's long position.| VBI Vaccines vs. Tonix Pharmaceuticals Holding | VBI Vaccines vs. Jaguar Animal Health | VBI Vaccines vs. Vaxart Inc | VBI Vaccines vs. Allogene Therapeutics |
| Jaguar Animal vs. Ibio Inc | Jaguar Animal vs. GeoVax Labs | Jaguar Animal vs. Ocugen Inc | Jaguar Animal vs. Zura Bio Limited |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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