Correlation Between Anixa Biosciences and Elbit Imaging
Can any of the company-specific risk be diversified away by investing in both Anixa Biosciences and Elbit Imaging 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 Anixa Biosciences and Elbit Imaging into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Anixa Biosciences and Elbit Imaging, you can compare the effects of market volatilities on Anixa Biosciences and Elbit Imaging 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 Anixa Biosciences with a short position of Elbit Imaging. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anixa Biosciences and Elbit Imaging.
Diversification Opportunities for Anixa Biosciences and Elbit Imaging
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Anixa and Elbit is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Anixa Biosciences and Elbit Imaging in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elbit Imaging and Anixa Biosciences 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 Anixa Biosciences are associated (or correlated) with Elbit Imaging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elbit Imaging has no effect on the direction of Anixa Biosciences i.e., Anixa Biosciences and Elbit Imaging go up and down completely randomly.
Pair Corralation between Anixa Biosciences and Elbit Imaging
Given the investment horizon of 90 days Anixa Biosciences is expected to generate 1.98 times more return on investment than Elbit Imaging. However, Anixa Biosciences is 1.98 times more volatile than Elbit Imaging. It trades about -0.17 of its potential returns per unit of risk. Elbit Imaging is currently generating about -0.34 per unit of risk. If you would invest 351.00 in Anixa Biosciences on January 18, 2024 and sell it today you would lose (46.00) from holding Anixa Biosciences or give up 13.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 86.36% |
| Values | Daily Returns |
Anixa Biosciences vs. Elbit Imaging
Performance |
| Timeline |
| Anixa Biosciences |
| Elbit Imaging |
Anixa Biosciences and Elbit Imaging Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anixa Biosciences and Elbit Imaging
The main advantage of trading using opposite Anixa Biosciences and Elbit Imaging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anixa Biosciences position performs unexpectedly, Elbit Imaging 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 Elbit Imaging will offset losses from the drop in Elbit Imaging's long position.| Anixa Biosciences vs. Cue Biopharma | Anixa Biosciences vs. INmune Bio | Anixa Biosciences vs. In8bioInc | Anixa Biosciences vs. PolyPid |
| Elbit Imaging vs. Inrom Construction Industries | Elbit Imaging vs. Insuline Medical | Elbit Imaging vs. Bio Meat Foodtech | Elbit Imaging vs. Amot Investments |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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