Correlation Between DBV Technologies and Hillevax
Can any of the company-specific risk be diversified away by investing in both DBV Technologies and Hillevax 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 Hillevax into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between DBV Technologies and Hillevax, you can compare the effects of market volatilities on DBV Technologies and Hillevax 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 Hillevax. Check out your portfolio center. Please also check ongoing floating volatility patterns of DBV Technologies and Hillevax.
Diversification Opportunities for DBV Technologies and Hillevax
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between DBV and Hillevax is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding DBV Technologies and Hillevax in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hillevax 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 are associated (or correlated) with Hillevax. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hillevax has no effect on the direction of DBV Technologies i.e., DBV Technologies and Hillevax go up and down completely randomly.
Pair Corralation between DBV Technologies and Hillevax
Given the investment horizon of 90 days DBV Technologies is expected to under-perform the Hillevax. In addition to that, DBV Technologies is 2.01 times more volatile than Hillevax. It trades about -0.4 of its total potential returns per unit of risk. Hillevax is currently generating about 0.11 per unit of volatility. If you would invest 184.00 in Hillevax on August 28, 2024 and sell it today you would earn a total of 10.00 from holding Hillevax or generate 5.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
DBV Technologies vs. Hillevax
Performance |
| Timeline |
| DBV Technologies |
| Hillevax |
DBV Technologies and Hillevax Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with DBV Technologies and Hillevax
The main advantage of trading using opposite DBV Technologies and Hillevax positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DBV Technologies position performs unexpectedly, Hillevax 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 Hillevax will offset losses from the drop in Hillevax's long position.| DBV Technologies vs. Eliem Therapeutics | DBV Technologies vs. HCW Biologics | DBV Technologies vs. Scpharmaceuticals | DBV Technologies vs. Milestone Pharmaceuticals |
| Hillevax vs. Pmv Pharmaceuticals | Hillevax vs. Eliem Therapeutics | Hillevax vs. MediciNova | Hillevax vs. Pharvaris BV |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |