Correlation Between BriaCell Therapeutics and Candel Therapeutics
Can any of the company-specific risk be diversified away by investing in both BriaCell Therapeutics and Candel Therapeutics 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 BriaCell Therapeutics and Candel Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BriaCell Therapeutics Corp and Candel Therapeutics, you can compare the effects of market volatilities on BriaCell Therapeutics and Candel Therapeutics 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 BriaCell Therapeutics with a short position of Candel Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of BriaCell Therapeutics and Candel Therapeutics.
Diversification Opportunities for BriaCell Therapeutics and Candel Therapeutics
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BriaCell and Candel is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding BriaCell Therapeutics Corp and Candel Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Candel Therapeutics and BriaCell 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 BriaCell Therapeutics Corp are associated (or correlated) with Candel Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Candel Therapeutics has no effect on the direction of BriaCell Therapeutics i.e., BriaCell Therapeutics and Candel Therapeutics go up and down completely randomly.
Pair Corralation between BriaCell Therapeutics and Candel Therapeutics
Assuming the 90 days horizon BriaCell Therapeutics Corp is expected to generate 0.74 times more return on investment than Candel Therapeutics. However, BriaCell Therapeutics Corp is 1.36 times less risky than Candel Therapeutics. It trades about 0.29 of its potential returns per unit of risk. Candel Therapeutics is currently generating about 0.2 per unit of risk. If you would invest 30.00 in BriaCell Therapeutics Corp on September 12, 2024 and sell it today you would earn a total of 24.00 from holding BriaCell Therapeutics Corp or generate 80.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
BriaCell Therapeutics Corp vs. Candel Therapeutics
Performance |
| Timeline |
| BriaCell Therapeutics |
| Candel Therapeutics |
BriaCell Therapeutics and Candel Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BriaCell Therapeutics and Candel Therapeutics
The main advantage of trading using opposite BriaCell Therapeutics and Candel Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BriaCell Therapeutics position performs unexpectedly, Candel Therapeutics 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 Candel Therapeutics will offset losses from the drop in Candel Therapeutics' long position.| BriaCell Therapeutics vs. Briacell Therapeutics Corp | BriaCell Therapeutics vs. GeoVax Labs | BriaCell Therapeutics vs. immatics biotechnologies GmbH | BriaCell Therapeutics vs. CannBioRx Life Sciences |
| Candel Therapeutics vs. Aerovate Therapeutics | Candel Therapeutics vs. Adagene | Candel Therapeutics vs. Acrivon Therapeutics, Common | Candel Therapeutics vs. Rezolute |
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 CEOs Directory module to screen CEOs from public companies around the world.
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