Correlation Between Auna SA and NewGenIvf Group
Can any of the company-specific risk be diversified away by investing in both Auna SA and NewGenIvf Group 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 Auna SA and NewGenIvf Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Auna SA and NewGenIvf Group Limited, you can compare the effects of market volatilities on Auna SA and NewGenIvf Group 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 Auna SA with a short position of NewGenIvf Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Auna SA and NewGenIvf Group.
Diversification Opportunities for Auna SA and NewGenIvf Group
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Auna and NewGenIvf is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Auna SA and NewGenIvf Group Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NewGenIvf Group and Auna SA 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 Auna SA are associated (or correlated) with NewGenIvf Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NewGenIvf Group has no effect on the direction of Auna SA i.e., Auna SA and NewGenIvf Group go up and down completely randomly.
Pair Corralation between Auna SA and NewGenIvf Group
Given the investment horizon of 90 days Auna SA is expected to generate 501.45 times less return on investment than NewGenIvf Group. But when comparing it to its historical volatility, Auna SA is 14.8 times less risky than NewGenIvf Group. It trades about 0.01 of its potential returns per unit of risk. NewGenIvf Group Limited is currently generating about 0.26 of returns per unit of risk over similar time horizon. If you would invest 2.10 in NewGenIvf Group Limited on October 5, 2024 and sell it today you would earn a total of 1.84 from holding NewGenIvf Group Limited or generate 87.62% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 95.24% |
Values | Daily Returns |
Auna SA vs. NewGenIvf Group Limited
Performance |
Timeline |
Auna SA |
NewGenIvf Group |
Auna SA and NewGenIvf Group Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Auna SA and NewGenIvf Group
The main advantage of trading using opposite Auna SA and NewGenIvf Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Auna SA position performs unexpectedly, NewGenIvf Group 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 NewGenIvf Group will offset losses from the drop in NewGenIvf Group's long position.Auna SA vs. Summit Materials | Auna SA vs. Foot Locker | Auna SA vs. Columbia Sportswear | Auna SA vs. Abercrombie Fitch |
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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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