Correlation Between Affinity Beverage and Adagene
Can any of the company-specific risk be diversified away by investing in both Affinity Beverage and Adagene 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 Affinity Beverage and Adagene into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Affinity Beverage Group and Adagene, you can compare the effects of market volatilities on Affinity Beverage and Adagene 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 Affinity Beverage with a short position of Adagene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Affinity Beverage and Adagene.
Diversification Opportunities for Affinity Beverage and Adagene
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Affinity and Adagene is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Affinity Beverage Group and Adagene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Adagene and Affinity Beverage 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 Affinity Beverage Group are associated (or correlated) with Adagene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Adagene has no effect on the direction of Affinity Beverage i.e., Affinity Beverage and Adagene go up and down completely randomly.
Pair Corralation between Affinity Beverage and Adagene
If you would invest 214.00 in Adagene on September 4, 2025 and sell it today you would lose (15.00) from holding Adagene or give up 7.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.41% |
| Values | Daily Returns |
Affinity Beverage Group vs. Adagene
Performance |
| Timeline |
| Affinity Beverage |
| Adagene |
Affinity Beverage and Adagene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Affinity Beverage and Adagene
The main advantage of trading using opposite Affinity Beverage and Adagene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Affinity Beverage position performs unexpectedly, Adagene 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 Adagene will offset losses from the drop in Adagene's long position.| Affinity Beverage vs. Smithfield Foods, Common | Affinity Beverage vs. Dundee Precious Metals | Affinity Beverage vs. ANHEUSER BUSCH INBEV FIN | Affinity Beverage vs. Vulcan International |
| Adagene vs. Nexstar Broadcasting Group | Adagene vs. Avecho Biotechnology Limited | Adagene vs. Knight Transportation | Adagene vs. Vir Biotechnology |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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