Correlation Between CohBar and Regeneron Pharmaceuticals
Can any of the company-specific risk be diversified away by investing in both CohBar and Regeneron Pharmaceuticals 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 Regeneron Pharmaceuticals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CohBar Inc and Regeneron Pharmaceuticals, you can compare the effects of market volatilities on CohBar and Regeneron Pharmaceuticals 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 Regeneron Pharmaceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of CohBar and Regeneron Pharmaceuticals.
Diversification Opportunities for CohBar and Regeneron Pharmaceuticals
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CohBar and Regeneron is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding CohBar Inc and Regeneron Pharmaceuticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Regeneron Pharmaceuticals 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 Regeneron Pharmaceuticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Regeneron Pharmaceuticals has no effect on the direction of CohBar i.e., CohBar and Regeneron Pharmaceuticals go up and down completely randomly.
Pair Corralation between CohBar and Regeneron Pharmaceuticals
If you would invest 299.00 in CohBar Inc on August 24, 2024 and sell it today you would earn a total of 0.00 from holding CohBar Inc or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
CohBar Inc vs. Regeneron Pharmaceuticals
Performance |
| Timeline |
| CohBar Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Regeneron Pharmaceuticals |
CohBar and Regeneron Pharmaceuticals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CohBar and Regeneron Pharmaceuticals
The main advantage of trading using opposite CohBar and Regeneron Pharmaceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CohBar position performs unexpectedly, Regeneron Pharmaceuticals 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 Regeneron Pharmaceuticals will offset losses from the drop in Regeneron Pharmaceuticals' long position.| CohBar vs. Enveric Biosciences | CohBar vs. Elevation Oncology | CohBar vs. Hepion Pharmaceuticals | CohBar vs. Zura Bio Limited |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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