Correlation Between Comera Life and Fresh Tracks
Can any of the company-specific risk be diversified away by investing in both Comera Life and Fresh Tracks 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 Fresh Tracks 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 Fresh Tracks Therapeutics, you can compare the effects of market volatilities on Comera Life and Fresh Tracks 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 Fresh Tracks. Check out your portfolio center. Please also check ongoing floating volatility patterns of Comera Life and Fresh Tracks.
Diversification Opportunities for Comera Life and Fresh Tracks
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Comera and Fresh is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Comera Life Sciences and Fresh Tracks Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fresh Tracks Therapeutics 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 Fresh Tracks. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fresh Tracks Therapeutics has no effect on the direction of Comera Life i.e., Comera Life and Fresh Tracks go up and down completely randomly.
Pair Corralation between Comera Life and Fresh Tracks
If you would invest 78.00 in Fresh Tracks Therapeutics on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Fresh Tracks Therapeutics or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Comera Life Sciences vs. Fresh Tracks Therapeutics
Performance |
| Timeline |
| Comera Life Sciences |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Fresh Tracks Therapeutics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Comera Life and Fresh Tracks Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Comera Life and Fresh Tracks
The main advantage of trading using opposite Comera Life and Fresh Tracks positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Comera Life position performs unexpectedly, Fresh Tracks 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 Fresh Tracks will offset losses from the drop in Fresh Tracks' long position.| Comera Life vs. SAB Biotherapeutics | Comera Life vs. Processa Pharmaceuticals | Comera Life vs. Third Harmonic Bio | Comera Life vs. Indaptus Therapeutics |
| Fresh Tracks vs. Assembly Biosciences | Fresh Tracks vs. Instil Bio | Fresh Tracks vs. Nuvation Bio | Fresh Tracks vs. Achilles Therapeutics 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 Global Correlations module to find global opportunities by holding instruments from different markets.
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