Correlation Between Ceapro and Gamida Cell
Can any of the company-specific risk be diversified away by investing in both Ceapro and Gamida 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 Ceapro and Gamida Cell into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ceapro Inc and Gamida Cell, you can compare the effects of market volatilities on Ceapro and Gamida 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 Ceapro with a short position of Gamida Cell. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ceapro and Gamida Cell.
Diversification Opportunities for Ceapro and Gamida Cell
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Ceapro and Gamida is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Ceapro Inc and Gamida Cell in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gamida Cell and Ceapro 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 Ceapro Inc are associated (or correlated) with Gamida Cell. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gamida Cell has no effect on the direction of Ceapro i.e., Ceapro and Gamida Cell go up and down completely randomly.
Pair Corralation between Ceapro and Gamida Cell
If you would invest 140.00 in Gamida Cell on September 14, 2024 and sell it today you would earn a total of 0.00 from holding Gamida Cell or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ceapro Inc vs. Gamida Cell
Performance |
| Timeline |
| Ceapro Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Gamida Cell |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Ceapro and Gamida Cell Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ceapro and Gamida Cell
The main advantage of trading using opposite Ceapro and Gamida Cell positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ceapro position performs unexpectedly, Gamida 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 Gamida Cell will offset losses from the drop in Gamida Cell's long position.| Ceapro vs. Biotron Limited | Ceapro vs. biOasis Technologies | Ceapro vs. Covalon Technologies | Ceapro vs. Mosaic Immunoengineering |
| Gamida Cell vs. BioLineRx | Gamida Cell vs. Ardelyx | Gamida Cell vs. Lexicon Pharmaceuticals | Gamida Cell vs. Seres Therapeutics |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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