Correlation Between Affimed NV and VBI Vaccines
Can any of the company-specific risk be diversified away by investing in both Affimed NV and VBI Vaccines 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 Affimed NV and VBI Vaccines into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Affimed NV and VBI Vaccines, you can compare the effects of market volatilities on Affimed NV and VBI Vaccines 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 Affimed NV with a short position of VBI Vaccines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Affimed NV and VBI Vaccines.
Diversification Opportunities for Affimed NV and VBI Vaccines
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Affimed and VBI is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Affimed NV and VBI Vaccines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VBI Vaccines and Affimed NV 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 Affimed NV are associated (or correlated) with VBI Vaccines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VBI Vaccines has no effect on the direction of Affimed NV i.e., Affimed NV and VBI Vaccines go up and down completely randomly.
Pair Corralation between Affimed NV and VBI Vaccines
If you would invest (100.00) in VBI Vaccines on September 24, 2024 and sell it today you would earn a total of 100.00 from holding VBI Vaccines or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 0.0% |
Values | Daily Returns |
Affimed NV vs. VBI Vaccines
Performance |
Timeline |
Affimed NV |
VBI Vaccines |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Affimed NV and VBI Vaccines Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Affimed NV and VBI Vaccines
The main advantage of trading using opposite Affimed NV and VBI Vaccines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Affimed NV position performs unexpectedly, VBI Vaccines 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 VBI Vaccines will offset losses from the drop in VBI Vaccines' long position.Affimed NV vs. Pieris Pharmaceuticals | Affimed NV vs. ADC Therapeutics SA | Affimed NV vs. Agenus Inc | Affimed NV vs. X4 Pharmaceuticals |
VBI Vaccines vs. Tonix Pharmaceuticals Holding | VBI Vaccines vs. Jaguar Animal Health | VBI Vaccines vs. Vaxart Inc | VBI Vaccines vs. Allogene 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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
Other Complementary Tools
Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |