Correlation Between ChitogenX and Medigene
Can any of the company-specific risk be diversified away by investing in both ChitogenX and Medigene 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 Medigene into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ChitogenX and Medigene AG, you can compare the effects of market volatilities on ChitogenX and Medigene 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 Medigene. Check out your portfolio center. Please also check ongoing floating volatility patterns of ChitogenX and Medigene.
Diversification Opportunities for ChitogenX and Medigene
Weak diversification
The 3 months correlation between ChitogenX and Medigene is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding ChitogenX and Medigene AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Medigene AG 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 Medigene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Medigene AG has no effect on the direction of ChitogenX i.e., ChitogenX and Medigene go up and down completely randomly.
Pair Corralation between ChitogenX and Medigene
If you would invest 259.00 in Medigene AG on September 14, 2024 and sell it today you would earn a total of 0.00 from holding Medigene AG or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
ChitogenX vs. Medigene AG
Performance |
| Timeline |
| ChitogenX |
| Medigene AG |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
ChitogenX and Medigene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ChitogenX and Medigene
The main advantage of trading using opposite ChitogenX and Medigene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ChitogenX position performs unexpectedly, Medigene 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 Medigene will offset losses from the drop in Medigene's long position.| ChitogenX vs. Sino Biopharmaceutical Ltd | ChitogenX vs. Defence Therapeutics | ChitogenX vs. Aileron Therapeutics | ChitogenX vs. Enlivex Therapeutics |
| Medigene vs. Northwest Biotherapeutics | Medigene vs. Geron | Medigene vs. Advanced Proteome Therapeutics | Medigene vs. Oxford BioDynamics Plc |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |