Correlation Between Nektar Therapeutics and Ssga High
Can any of the company-specific risk be diversified away by investing in both Nektar Therapeutics and Ssga High 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 Nektar Therapeutics and Ssga High into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nektar Therapeutics and Ssga High Yield, you can compare the effects of market volatilities on Nektar Therapeutics and Ssga High 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 Nektar Therapeutics with a short position of Ssga High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nektar Therapeutics and Ssga High.
Diversification Opportunities for Nektar Therapeutics and Ssga High
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nektar and Ssga is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nektar Therapeutics and Ssga High Yield in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ssga High Yield and Nektar Therapeutics 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 Nektar Therapeutics are associated (or correlated) with Ssga High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ssga High Yield has no effect on the direction of Nektar Therapeutics i.e., Nektar Therapeutics and Ssga High go up and down completely randomly.
Pair Corralation between Nektar Therapeutics and Ssga High
If you would invest 87.00 in Nektar Therapeutics on January 19, 2024 and sell it today you would earn a total of 45.00 from holding Nektar Therapeutics or generate 51.72% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Nektar Therapeutics vs. Ssga High Yield
Performance |
Timeline |
Nektar Therapeutics |
Ssga High Yield |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Nektar Therapeutics and Ssga High Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Nektar Therapeutics and Ssga High
The main advantage of trading using opposite Nektar Therapeutics and Ssga High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nektar Therapeutics position performs unexpectedly, Ssga High 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 Ssga High will offset losses from the drop in Ssga High's long position.Nektar Therapeutics vs. Home Federal Bancorp | Nektar Therapeutics vs. Betterware De Mexico | Nektar Therapeutics vs. Provident Bancorp | Nektar Therapeutics vs. Heartland Financial USA |
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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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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