Correlation Between Comera Life and Fennec Pharmaceuticals
Can any of the company-specific risk be diversified away by investing in both Comera Life and Fennec Pharmaceuticals 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 Fennec Pharmaceuticals 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 Fennec Pharmaceuticals, you can compare the effects of market volatilities on Comera Life and Fennec Pharmaceuticals 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 Fennec Pharmaceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Comera Life and Fennec Pharmaceuticals.
Diversification Opportunities for Comera Life and Fennec Pharmaceuticals
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Comera and Fennec is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Comera Life Sciences and Fennec Pharmaceuticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fennec Pharmaceuticals 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 Fennec Pharmaceuticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fennec Pharmaceuticals has no effect on the direction of Comera Life i.e., Comera Life and Fennec Pharmaceuticals go up and down completely randomly.
Pair Corralation between Comera Life and Fennec Pharmaceuticals
If you would invest 66.00 in Comera Life Sciences on November 5, 2024 and sell it today you would earn a total of 0.00 from holding Comera Life Sciences or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 0.41% |
| Values | Daily Returns |
Comera Life Sciences vs. Fennec Pharmaceuticals
Performance |
| Timeline |
| Comera Life Sciences |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Fennec Pharmaceuticals |
Comera Life and Fennec Pharmaceuticals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Comera Life and Fennec Pharmaceuticals
The main advantage of trading using opposite Comera Life and Fennec Pharmaceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Comera Life position performs unexpectedly, Fennec Pharmaceuticals 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 Fennec Pharmaceuticals will offset losses from the drop in Fennec Pharmaceuticals' long position.| Comera Life vs. SAB Biotherapeutics | Comera Life vs. Processa Pharmaceuticals | Comera Life vs. Third Harmonic Bio | Comera Life vs. Indaptus Therapeutics |
| Fennec Pharmaceuticals vs. Molecular Partners AG | Fennec Pharmaceuticals vs. MediciNova | Fennec Pharmaceuticals vs. Anebulo Pharmaceuticals | Fennec Pharmaceuticals vs. Champions Oncology |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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