Correlation Between 456837AV5 and Lipocine
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By analyzing existing cross correlation between ING GROEP NV and Lipocine, you can compare the effects of market volatilities on 456837AV5 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 456837AV5 with a short position of Lipocine. Check out your portfolio center. Please also check ongoing floating volatility patterns of 456837AV5 and Lipocine.
Diversification Opportunities for 456837AV5 and Lipocine
Average diversification
The 3 months correlation between 456837AV5 and Lipocine is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding ING GROEP NV and Lipocine in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lipocine and 456837AV5 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 ING GROEP NV 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 456837AV5 i.e., 456837AV5 and Lipocine go up and down completely randomly.
Pair Corralation between 456837AV5 and Lipocine
Assuming the 90 days trading horizon 456837AV5 is expected to generate 16.54 times less return on investment than Lipocine. But when comparing it to its historical volatility, ING GROEP NV is 7.78 times less risky than Lipocine. It trades about 0.03 of its potential returns per unit of risk. Lipocine is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 283.00 in Lipocine on September 26, 2024 and sell it today you would earn a total of 207.00 from holding Lipocine or generate 73.14% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 72.35% |
Values | Daily Returns |
ING GROEP NV vs. Lipocine
Performance |
Timeline |
ING GROEP NV |
Lipocine |
456837AV5 and Lipocine Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with 456837AV5 and Lipocine
The main advantage of trading using opposite 456837AV5 and Lipocine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 456837AV5 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.456837AV5 vs. Lipocine | 456837AV5 vs. Globalfoundries | 456837AV5 vs. Sonida Senior Living | 456837AV5 vs. RadNet Inc |
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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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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