Correlation Between Aquestive Therapeutics and INTNED
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By analyzing existing cross correlation between Aquestive Therapeutics and INTNED 4017 28 MAR 28, you can compare the effects of market volatilities on Aquestive Therapeutics and INTNED 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 Aquestive Therapeutics with a short position of INTNED. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aquestive Therapeutics and INTNED.
Diversification Opportunities for Aquestive Therapeutics and INTNED
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Aquestive and INTNED is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Aquestive Therapeutics and INTNED 4017 28 MAR 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTNED 4017 28 and Aquestive Therapeutics 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 Aquestive Therapeutics are associated (or correlated) with INTNED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTNED 4017 28 has no effect on the direction of Aquestive Therapeutics i.e., Aquestive Therapeutics and INTNED go up and down completely randomly.
Pair Corralation between Aquestive Therapeutics and INTNED
Given the investment horizon of 90 days Aquestive Therapeutics is expected to under-perform the INTNED. In addition to that, Aquestive Therapeutics is 4.55 times more volatile than INTNED 4017 28 MAR 28. It trades about -0.2 of its total potential returns per unit of risk. INTNED 4017 28 MAR 28 is currently generating about -0.29 per unit of volatility. If you would invest 9,806 in INTNED 4017 28 MAR 28 on September 19, 2024 and sell it today you would lose (529.00) from holding INTNED 4017 28 MAR 28 or give up 5.39% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Aquestive Therapeutics vs. INTNED 4017 28 MAR 28
Performance |
Timeline |
Aquestive Therapeutics |
INTNED 4017 28 |
Aquestive Therapeutics and INTNED Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Aquestive Therapeutics and INTNED
The main advantage of trading using opposite Aquestive Therapeutics and INTNED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aquestive Therapeutics position performs unexpectedly, INTNED 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 INTNED will offset losses from the drop in INTNED's long position.Aquestive Therapeutics vs. Emergent Biosolutions | Aquestive Therapeutics vs. Neurocrine Biosciences | Aquestive Therapeutics vs. Teva Pharma Industries | Aquestive Therapeutics vs. Haleon plc |
INTNED vs. Cardinal Health | INTNED vs. The Joint Corp | INTNED vs. Amgen Inc | INTNED vs. Aquestive 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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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