Correlation Between Intelgenx Technologs and Cytosorbents Crp

Can any of the company-specific risk be diversified away by investing in both Intelgenx Technologs and Cytosorbents Crp 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 Intelgenx Technologs and Cytosorbents Crp into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Intelgenx Technologs and Cytosorbents Crp, you can compare the effects of market volatilities on Intelgenx Technologs and Cytosorbents Crp 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 Intelgenx Technologs with a short position of Cytosorbents Crp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intelgenx Technologs and Cytosorbents Crp.

Diversification Opportunities for Intelgenx Technologs and Cytosorbents Crp

0.0

Correlation Coefficient

Intelgenx Technologs  Cytosorbents Crp

Pay attention - limited upside

The 3 months correlation between Intelgenx and Cytosorbents is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Intelgenx Technologs and Cytosorbents Crp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cytosorbents Crp and Intelgenx Technologs 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 Intelgenx Technologs are associated (or correlated) with Cytosorbents Crp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cytosorbents Crp has no effect on the direction of Intelgenx Technologs i.e., Intelgenx Technologs and Cytosorbents Crp go up and down completely randomly.

Pair Corralation between Intelgenx Technologs and Cytosorbents Crp

If you would invest  82.00  in Cytosorbents Crp on September 30, 2024 and sell it today you would earn a total of  12.00  from holding Cytosorbents Crp or generate 14.63% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

Intelgenx Technologs  vs.  Cytosorbents Crp

Intelgenx Technologs

Risk-Adjusted Performance

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Very Weak

Over the last 90 days Intelgenx Technologs has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable basic indicators, Intelgenx Technologs is not utilizing all of its potentials. The current stock price uproar, may contribute to short-horizon losses for the private investors.

Cytosorbents Crp

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Cytosorbents Crp has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of inconsistent performance in the last few months, the Stock's basic indicators remain very healthy which may send shares a bit higher in January 2025. The recent disarray may also be a sign of long period up-swing for the firm investors.

Pair Trading with Intelgenx Technologs and Cytosorbents Crp

The main advantage of trading using opposite Intelgenx Technologs and Cytosorbents Crp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intelgenx Technologs position performs unexpectedly, Cytosorbents Crp 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 Cytosorbents Crp will offset losses from the drop in Cytosorbents Crp's long position.

The idea behind Intelgenx Technologs and Cytosorbents Crp pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..