Correlation Between Comera Life and Cingulate
Can any of the company-specific risk be diversified away by investing in both Comera Life and Cingulate 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 Comera Life and Cingulate into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Comera Life Sciences and Cingulate, you can compare the effects of market volatilities on Comera Life and Cingulate 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 Comera Life with a short position of Cingulate. Check out your portfolio center. Please also check ongoing floating volatility patterns of Comera Life and Cingulate.
Diversification Opportunities for Comera Life and Cingulate
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Comera and Cingulate is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Comera Life Sciences and Cingulate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cingulate and Comera Life 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 Comera Life Sciences are associated (or correlated) with Cingulate. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cingulate has no effect on the direction of Comera Life i.e., Comera Life and Cingulate go up and down completely randomly.
Pair Corralation between Comera Life and Cingulate
If you would invest 434.00 in Cingulate on August 28, 2024 and sell it today you would earn a total of 36.00 from holding Cingulate or generate 8.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Comera Life Sciences vs. Cingulate
Performance |
| Timeline |
| Comera Life Sciences |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Cingulate |
Comera Life and Cingulate Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Comera Life and Cingulate
The main advantage of trading using opposite Comera Life and Cingulate positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Comera Life position performs unexpectedly, Cingulate 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 Cingulate will offset losses from the drop in Cingulate's long position.| Comera Life vs. SAB Biotherapeutics | Comera Life vs. Processa Pharmaceuticals | Comera Life vs. Third Harmonic Bio | Comera Life vs. Indaptus Therapeutics |
| Cingulate vs. SAB Biotherapeutics | Cingulate vs. Senti Biosciences | Cingulate vs. Aerovate Therapeutics | Cingulate vs. Adagene |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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