Correlation Between AptarGroup and NAYA Biosciences,

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

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

Diversification Opportunities for AptarGroup and NAYA Biosciences,

0.63

Correlation Coefficient

AptarGroup  NAYA Biosciences,

Poor diversification

The 3 months correlation between AptarGroup and NAYA is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding AptarGroup and NAYA Biosciences, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NAYA Biosciences, and AptarGroup 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 AptarGroup are associated (or correlated) with NAYA Biosciences,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NAYA Biosciences, has no effect on the direction of AptarGroup i.e., AptarGroup and NAYA Biosciences, go up and down completely randomly.

Pair Corralation between AptarGroup and NAYA Biosciences,

Considering the 90-day investment horizon AptarGroup is expected to generate 4.22 times less return on investment than NAYA Biosciences,. But when comparing it to its historical volatility, AptarGroup is 12.07 times less risky than NAYA Biosciences,. It trades about 0.19 of its potential returns per unit of risk. NAYA Biosciences, is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest  70.00  in NAYA Biosciences, on September 14, 2024 and sell it today you would earn a total of  14.00  from holding NAYA Biosciences, or generate 20.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Significant
Accuracy	100.0%
Values	Daily Returns

AptarGroup  vs.  NAYA Biosciences,

AptarGroup

Risk-Adjusted Performance

15 of 100

Good

Compared to the overall equity markets, risk-adjusted returns on investments in AptarGroup are ranked lower than 15 (%) of all global equities and portfolios over the last 90 days. Even with relatively unsteady basic indicators, AptarGroup may actually be approaching a critical reversion point that can send shares even higher in January 2025.

NAYA Biosciences,

Risk-Adjusted Performance

5 of 100

Modest

Compared to the overall equity markets, risk-adjusted returns on investments in NAYA Biosciences, are ranked lower than 5 (%) of all global equities and portfolios over the last 90 days. Despite somewhat unfluctuating basic indicators, NAYA Biosciences, sustained solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with AptarGroup and NAYA Biosciences,

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

The idea behind AptarGroup and NAYA Biosciences, 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.