Correlation Between CohBar and Elevation Oncology
Can any of the company-specific risk be diversified away by investing in both CohBar and Elevation Oncology 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 CohBar and Elevation Oncology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CohBar Inc and Elevation Oncology, you can compare the effects of market volatilities on CohBar and Elevation Oncology 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 CohBar with a short position of Elevation Oncology. Check out your portfolio center. Please also check ongoing floating volatility patterns of CohBar and Elevation Oncology.
Diversification Opportunities for CohBar and Elevation Oncology
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between CohBar and Elevation is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding CohBar Inc and Elevation Oncology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elevation Oncology and CohBar 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 CohBar Inc are associated (or correlated) with Elevation Oncology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elevation Oncology has no effect on the direction of CohBar i.e., CohBar and Elevation Oncology go up and down completely randomly.
Pair Corralation between CohBar and Elevation Oncology
If you would invest 58.00 in Elevation Oncology on August 26, 2024 and sell it today you would earn a total of 2.00 from holding Elevation Oncology or generate 3.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
CohBar Inc vs. Elevation Oncology
Performance |
| Timeline |
| CohBar Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Elevation Oncology |
CohBar and Elevation Oncology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CohBar and Elevation Oncology
The main advantage of trading using opposite CohBar and Elevation Oncology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CohBar position performs unexpectedly, Elevation Oncology 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 Elevation Oncology will offset losses from the drop in Elevation Oncology's long position.| CohBar vs. Enveric Biosciences | CohBar vs. Elevation Oncology | CohBar vs. Hepion Pharmaceuticals | CohBar vs. Zura Bio Limited |
| Elevation Oncology vs. Eliem Therapeutics | Elevation Oncology vs. HCW Biologics | Elevation Oncology vs. Scpharmaceuticals | Elevation Oncology vs. Milestone Pharmaceuticals |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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