Correlation Between Clovis Oncology and Assurant

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Can any of the company-specific risk be diversified away by investing in both Clovis Oncology and Assurant 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 Clovis Oncology and Assurant into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Clovis Oncology and Assurant, you can compare the effects of market volatilities on Clovis Oncology and Assurant 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 Clovis Oncology with a short position of Assurant. Check out your portfolio center. Please also check ongoing floating volatility patterns of Clovis Oncology and Assurant.

Diversification Opportunities for Clovis Oncology and Assurant

0.09
  Correlation Coefficient

Significant diversification

The 3 months correlation between Clovis and Assurant is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Clovis Oncology and Assurant in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Assurant and Clovis Oncology 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 Clovis Oncology are associated (or correlated) with Assurant. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Assurant has no effect on the direction of Clovis Oncology i.e., Clovis Oncology and Assurant go up and down completely randomly.

Pair Corralation between Clovis Oncology and Assurant

If you would invest  9.30  in Clovis Oncology on February 24, 2024 and sell it today you would earn a total of  0.00  from holding Clovis Oncology or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthInsignificant
Accuracy4.35%
ValuesDaily Returns

Clovis Oncology  vs.  Assurant

 Performance 
       Timeline  
Clovis Oncology 

Risk-Adjusted Performance

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Over the last 90 days Clovis Oncology has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable basic indicators, Clovis Oncology is not utilizing all of its potentials. The recent stock price uproar, may contribute to short-horizon losses for the private investors.
Assurant 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Assurant has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest unsteady performance, the Stock's forward indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the company investors.

Clovis Oncology and Assurant Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Clovis Oncology and Assurant

The main advantage of trading using opposite Clovis Oncology and Assurant positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Clovis Oncology position performs unexpectedly, Assurant 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 Assurant will offset losses from the drop in Assurant's long position.
The idea behind Clovis Oncology and Assurant 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.
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.

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