Correlation Between ChitogenX and Gamida Cell
Can any of the company-specific risk be diversified away by investing in both ChitogenX and Gamida Cell 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 ChitogenX and Gamida Cell into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ChitogenX and Gamida Cell, you can compare the effects of market volatilities on ChitogenX and Gamida Cell 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 ChitogenX with a short position of Gamida Cell. Check out your portfolio center. Please also check ongoing floating volatility patterns of ChitogenX and Gamida Cell.
Diversification Opportunities for ChitogenX and Gamida Cell
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ChitogenX and Gamida is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ChitogenX and Gamida Cell in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gamida Cell and ChitogenX 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 ChitogenX are associated (or correlated) with Gamida Cell. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gamida Cell has no effect on the direction of ChitogenX i.e., ChitogenX and Gamida Cell go up and down completely randomly.
Pair Corralation between ChitogenX and Gamida Cell
If you would invest (100.00) in Gamida Cell on December 4, 2024 and sell it today you would earn a total of 100.00 from holding Gamida Cell or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
ChitogenX vs. Gamida Cell
Performance |
| Timeline |
| ChitogenX |
| Gamida Cell |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
ChitogenX and Gamida Cell Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ChitogenX and Gamida Cell
The main advantage of trading using opposite ChitogenX and Gamida Cell positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ChitogenX position performs unexpectedly, Gamida Cell 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 Gamida Cell will offset losses from the drop in Gamida Cell's long position.| ChitogenX vs. Advanced Proteome Therapeutics | ChitogenX vs. Cellectis SA | ChitogenX vs. Biotron Limited | ChitogenX vs. biOasis Technologies |
| Gamida Cell vs. BioLineRx | Gamida Cell vs. Ardelyx | Gamida Cell vs. Lexicon Pharmaceuticals | Gamida Cell vs. Seres Therapeutics |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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