Correlation Between DBV Technologies and Clasquin
Can any of the company-specific risk be diversified away by investing in both DBV Technologies and Clasquin 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 DBV Technologies and Clasquin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between DBV Technologies SA and Clasquin, you can compare the effects of market volatilities on DBV Technologies and Clasquin 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 DBV Technologies with a short position of Clasquin. Check out your portfolio center. Please also check ongoing floating volatility patterns of DBV Technologies and Clasquin.
Diversification Opportunities for DBV Technologies and Clasquin
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between DBV and Clasquin is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding DBV Technologies SA and Clasquin in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Clasquin and DBV Technologies 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 DBV Technologies SA are associated (or correlated) with Clasquin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Clasquin has no effect on the direction of DBV Technologies i.e., DBV Technologies and Clasquin go up and down completely randomly.
Pair Corralation between DBV Technologies and Clasquin
Assuming the 90 days trading horizon DBV Technologies SA is expected to under-perform the Clasquin. In addition to that, DBV Technologies is 26.54 times more volatile than Clasquin. It trades about -0.48 of its total potential returns per unit of risk. Clasquin is currently generating about 0.06 per unit of volatility. If you would invest 14,123 in Clasquin on August 25, 2024 and sell it today you would earn a total of 22.00 from holding Clasquin or generate 0.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
DBV Technologies SA vs. Clasquin
Performance |
| Timeline |
| DBV Technologies |
| Clasquin |
DBV Technologies and Clasquin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with DBV Technologies and Clasquin
The main advantage of trading using opposite DBV Technologies and Clasquin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DBV Technologies position performs unexpectedly, Clasquin 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 Clasquin will offset losses from the drop in Clasquin's long position.| DBV Technologies vs. Biomerieux SA | DBV Technologies vs. Eurofins Scientific SE | DBV Technologies vs. Sartorius Stedim Biotech | DBV Technologies vs. SEB SA |
| Clasquin vs. Prodways Group SA | Clasquin vs. Claranova SE | Clasquin vs. DBV Technologies SA | Clasquin vs. Manitou BF SA |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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