Cara Therapeutic Correlations

CARA Stock

USD 0.31 0.01 3.33%

The current 90-days correlation between Cara Therapeutic and 22nd Century Group is 0.01 (i.e., Significant diversification). The correlation of Cara Therapeutic is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Cara Therapeutic Correlation With Market

Modest diversification

The correlation between Cara Therapeutic and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cara Therapeutic and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Cara Therapeutic. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

For information on how to trade Cara Stock refer to our How to Trade Cara Stock guide.

Moving together with Cara Stock

0.63

NUVB

Nuvation Bio

Pair Corr

Moving against Cara Stock

0.53	VRDN	Viridian Therapeutics	Pair Corr
0.51	TIL	Instil Bio	Pair Corr
0.37	KZR	Kezar Life Sciences	Pair Corr
0.35	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.71	PCVX	Vaxcyte	Pair Corr
0.59	BGNE	BeiGene	Pair Corr

Related Correlations Analysis

	ZYNE	XXII	CRBP	CBDS	CANN
ZYNE		0.57	0.72	-0.2	0.24	ZYNE
XXII	0.57		0.85	-0.61	0.31	XXII
CRBP	0.72	0.85		-0.59	0.23	CRBP
CBDS	-0.2	-0.61	-0.59		0.1	CBDS
CANN	0.24	0.31	0.23	0.1		CANN
	ZYNE	XXII	CRBP	CBDS	CANN

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

CRBP	+ 0.85	XXII
CRBP	+ 0.72	ZYNE
XXII	+ 0.57	ZYNE
CANN	+ 0.31	XXII
CANN	+ 0.24	ZYNE
CANN	+ 0.23	CRBP

High negative correlations

CBDS	- 0.61	XXII
CBDS	- 0.59	CRBP
CBDS	- 0.2	ZYNE

Risk-Adjusted Indicators

There is a big difference between Cara Stock performing well and Cara Therapeutic Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Cara Therapeutic's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ZYNE	3.36	(0.10)	0.00	(0.74)	0.00	0.00	6.45	(6.25)	16.67
XXII	6.77	(2.30)	0.00	(2.61)	0.00	0.00	11.54	(15.38)	44.68
CRBP	4.03	(1.43)	0.00	(0.83)	0.00	0.00	6.77	(6.79)	70.46
CBDS	13.41	2.12	0.14	2.73	13.42	(15.97)	30.77	(21.21)	85.39
CANN	5.47	(0.23)	0.00	0.27	0.00	0.00	11.47	(12.08)	44.14

Cara Therapeutic Corporate Management

Joana Goncalves	Chief Medical Officer	Profile
Beth Weinberg	VP QA	Profile
Joana MD	Chief Officer	Profile
Eric Vandal	Senior Commercial	Profile
Frdrique Menzaghi	Chief RD	Profile
Iris Francesconi	Chief Relations	Profile

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