Correlation Between Chimerix and Garda
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By analyzing existing cross correlation between Chimerix and Garda World Security, you can compare the effects of market volatilities on Chimerix and Garda 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 Chimerix with a short position of Garda. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chimerix and Garda.
Diversification Opportunities for Chimerix and Garda
Significant diversification
The 3 months correlation between Chimerix and Garda is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Chimerix and Garda World Security in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Garda World Security and Chimerix 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 Chimerix are associated (or correlated) with Garda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Garda World Security has no effect on the direction of Chimerix i.e., Chimerix and Garda go up and down completely randomly.
Pair Corralation between Chimerix and Garda
Given the investment horizon of 90 days Chimerix is expected to under-perform the Garda. In addition to that, Chimerix is 38.19 times more volatile than Garda World Security. It trades about -0.15 of its total potential returns per unit of risk. Garda World Security is currently generating about 0.34 per unit of volatility. If you would invest 10,004 in Garda World Security on September 2, 2024 and sell it today you would earn a total of 21.00 from holding Garda World Security or generate 0.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 33.33% |
| Values | Daily Returns |
Chimerix vs. Garda World Security
Performance |
| Timeline |
| Chimerix |
| Garda World Security |
Chimerix and Garda Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chimerix and Garda
The main advantage of trading using opposite Chimerix and Garda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chimerix position performs unexpectedly, Garda 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 Garda will offset losses from the drop in Garda's long position.| Chimerix vs. Assembly Biosciences | Chimerix vs. Spero Therapeutics | Chimerix vs. Achilles Therapeutics PLC | Chimerix vs. Instil Bio |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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