Correlation Between Zai Lab and NantKwest
Can any of the company-specific risk be diversified away by investing in both Zai Lab and NantKwest 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 Zai Lab and NantKwest into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Zai Lab and NantKwest, you can compare the effects of market volatilities on Zai Lab and NantKwest 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 Zai Lab with a short position of NantKwest. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zai Lab and NantKwest.
Diversification Opportunities for Zai Lab and NantKwest
Pay attention - limited upside
The 3 months correlation between Zai and NantKwest is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Zai Lab and NantKwest in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NantKwest and Zai Lab 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 Zai Lab are associated (or correlated) with NantKwest. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NantKwest has no effect on the direction of Zai Lab i.e., Zai Lab and NantKwest go up and down completely randomly.
Pair Corralation between Zai Lab and NantKwest
If you would invest (100.00) in NantKwest on January 19, 2024 and sell it today you would earn a total of 100.00 from holding NantKwest or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Zai Lab vs. NantKwest
Performance |
| Timeline |
| Zai Lab |
| NantKwest |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Zai Lab and NantKwest Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zai Lab and NantKwest
The main advantage of trading using opposite Zai Lab and NantKwest positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zai Lab position performs unexpectedly, NantKwest 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 NantKwest will offset losses from the drop in NantKwest's long position.| Zai Lab vs. Home Federal Bancorp | Zai Lab vs. Betterware De Mexico | Zai Lab vs. Provident Bancorp | Zai Lab vs. Heartland Financial USA |
| NantKwest vs. Blue Hat Interactive | NantKwest vs. WEC Energy Group | NantKwest vs. Dow Jones Toys | NantKwest vs. Black Hills |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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