Correlation Between Mycelx Technologies and Universal Display

Can any of the company-specific risk be diversified away by investing in both Mycelx Technologies and Universal Display 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 Mycelx Technologies and Universal Display into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Mycelx Technologies and Universal Display Corp, you can compare the effects of market volatilities on Mycelx Technologies and Universal Display 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 Mycelx Technologies with a short position of Universal Display. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mycelx Technologies and Universal Display.

Diversification Opportunities for Mycelx Technologies and Universal Display

0.0

Correlation Coefficient

Mycelx Technologies  Universal Display

Pay attention - limited upside

The 3 months correlation between Mycelx and Universal is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mycelx Technologies and Universal Display Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Universal Display Corp and Mycelx Technologies 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 Mycelx Technologies are associated (or correlated) with Universal Display. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Universal Display Corp has no effect on the direction of Mycelx Technologies i.e., Mycelx Technologies and Universal Display go up and down completely randomly.

Pair Corralation between Mycelx Technologies and Universal Display

If you would invest  12,071  in Universal Display Corp on April 23, 2025 and sell it today you would earn a total of  3,300  from holding Universal Display Corp or generate 27.34% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	93.65%
Values	Daily Returns

Mycelx Technologies  vs.  Universal Display Corp

Mycelx Technologies

Risk-Adjusted Performance

Very Weak

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

Universal Display Corp

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Universal Display Corp are ranked lower than 11 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively uncertain basic indicators, Universal Display unveiled solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Mycelx Technologies and Universal Display

The main advantage of trading using opposite Mycelx Technologies and Universal Display positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mycelx Technologies position performs unexpectedly, Universal Display 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 Universal Display will offset losses from the drop in Universal Display's long position.

The idea behind Mycelx Technologies and Universal Display Corp 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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.