Correlation Between Celsion Corp and The9
Can any of the company-specific risk be diversified away by investing in both Celsion Corp and The9 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 Celsion Corp and The9 into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Celsion Corp and The9 Ltd ADR, you can compare the effects of market volatilities on Celsion Corp and The9 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 Celsion Corp with a short position of The9. Check out your portfolio center. Please also check ongoing floating volatility patterns of Celsion Corp and The9.
Diversification Opportunities for Celsion Corp and The9
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Celsion and The9 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Celsion Corp and The9 Ltd ADR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on The9 Ltd ADR and Celsion Corp 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 Celsion Corp are associated (or correlated) with The9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of The9 Ltd ADR has no effect on the direction of Celsion Corp i.e., Celsion Corp and The9 go up and down completely randomly.
Pair Corralation between Celsion Corp and The9
If you would invest 766.00 in The9 Ltd ADR on September 3, 2024 and sell it today you would earn a total of 709.00 from holding The9 Ltd ADR or generate 92.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.2% |
| Values | Daily Returns |
Celsion Corp vs. The9 Ltd ADR
Performance |
| Timeline |
| Celsion Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| The9 Ltd ADR |
Celsion Corp and The9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Celsion Corp and The9
The main advantage of trading using opposite Celsion Corp and The9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Celsion Corp position performs unexpectedly, The9 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 The9 will offset losses from the drop in The9's long position.| Celsion Corp vs. Ziff Davis | Celsion Corp vs. Church Dwight | Celsion Corp vs. Timken Company | Celsion Corp vs. Weibo Corp |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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