Correlation Between CaliberCos and Regeneron Pharmaceuticals
Can any of the company-specific risk be diversified away by investing in both CaliberCos 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 CaliberCos and Regeneron Pharmaceuticals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CaliberCos Class A and Regeneron Pharmaceuticals, you can compare the effects of market volatilities on CaliberCos 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 CaliberCos with a short position of Regeneron Pharmaceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of CaliberCos and Regeneron Pharmaceuticals.
Diversification Opportunities for CaliberCos and Regeneron Pharmaceuticals
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between CaliberCos and Regeneron is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding CaliberCos Class A and Regeneron Pharmaceuticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Regeneron Pharmaceuticals and CaliberCos 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 CaliberCos Class A 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 CaliberCos i.e., CaliberCos and Regeneron Pharmaceuticals go up and down completely randomly.
Pair Corralation between CaliberCos and Regeneron Pharmaceuticals
Considering the 90-day investment horizon CaliberCos Class A is expected to generate 3.67 times more return on investment than Regeneron Pharmaceuticals. However, CaliberCos is 3.67 times more volatile than Regeneron Pharmaceuticals. It trades about 0.19 of its potential returns per unit of risk. Regeneron Pharmaceuticals is currently generating about -0.13 per unit of risk. If you would invest 53.00 in CaliberCos Class A on October 22, 2024 and sell it today you would earn a total of 11.00 from holding CaliberCos Class A or generate 20.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 94.74% |
| Values | Daily Returns |
CaliberCos Class A vs. Regeneron Pharmaceuticals
Performance |
| Timeline |
| CaliberCos Class A |
| Regeneron Pharmaceuticals |
CaliberCos and Regeneron Pharmaceuticals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CaliberCos and Regeneron Pharmaceuticals
The main advantage of trading using opposite CaliberCos and Regeneron Pharmaceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CaliberCos 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.| CaliberCos vs. Allient | CaliberCos vs. Sapiens International | CaliberCos vs. Datadog | CaliberCos vs. ServiceNow |
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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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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