Correlation Between Comera Life and Lineage Cell
Can any of the company-specific risk be diversified away by investing in both Comera Life and Lineage Cell 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 Lineage Cell 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 Lineage Cell Therapeutics, you can compare the effects of market volatilities on Comera Life and Lineage Cell 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 Lineage Cell. Check out your portfolio center. Please also check ongoing floating volatility patterns of Comera Life and Lineage Cell.
Diversification Opportunities for Comera Life and Lineage Cell
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Comera and Lineage is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Comera Life Sciences and Lineage Cell Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lineage Cell 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 Lineage Cell. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lineage Cell Therapeutics has no effect on the direction of Comera Life i.e., Comera Life and Lineage Cell go up and down completely randomly.
Pair Corralation between Comera Life and Lineage Cell
If you would invest 66.00 in Comera Life Sciences on October 25, 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 Together |
| Strength | Significant |
| Accuracy | 0.32% |
| Values | Daily Returns |
Comera Life Sciences vs. Lineage Cell Therapeutics
Performance |
| Timeline |
| Comera Life Sciences |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Lineage Cell Therapeutics |
Comera Life and Lineage Cell Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Comera Life and Lineage Cell
The main advantage of trading using opposite Comera Life and Lineage Cell positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Comera Life position performs unexpectedly, Lineage Cell 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 Lineage Cell will offset losses from the drop in Lineage Cell's long position.| Comera Life vs. SAB Biotherapeutics | Comera Life vs. Processa Pharmaceuticals | Comera Life vs. Third Harmonic Bio | Comera Life vs. Indaptus Therapeutics |
| Lineage Cell vs. MAIA Biotechnology | Lineage Cell vs. Armata Pharmaceuticals | Lineage Cell vs. Portage Biotech | Lineage Cell vs. Cadrenal Therapeutics, Common |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes |