Correlation Analysis Between Iovance Biotherapeutics and NQTH

This module allows you to analyze existing cross correlation between Iovance Biotherapeutics and NQTH. You can compare the effects of market volatilities on Iovance Biotherapeutics and NQTH 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 Iovance Biotherapeutics with a short position of NQTH. See also your portfolio center. Please also check ongoing floating volatility patterns of Iovance Biotherapeutics and NQTH.
Horizon     30 Days    Login   to change
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Comparative Performance

 Predicted Return Density 
      Returns 

Iovance Biotherapeutics Inc  vs.  NQTH

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Iovance Biotherapeutics is expected to generate 3.84 times more return on investment than NQTH. However, Iovance Biotherapeutics is 3.84 times more volatile than NQTH. It trades about -0.05 of its potential returns per unit of risk. NQTH is currently generating about -0.19 per unit of risk. If you would invest  2,133  in Iovance Biotherapeutics on July 22, 2019 and sell it today you would lose (163.00)  from holding Iovance Biotherapeutics or give up 7.64% of portfolio value over 30 days.

Pair Corralation between Iovance Biotherapeutics and NQTH

0.7
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy97.67%
ValuesDaily Returns

Diversification Opportunities for Iovance Biotherapeutics and NQTH

Iovance Biotherapeutics Inc diversification synergy

Poor diversification

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