Correlation Between EnGene Holdings and Barclays Capital
Can any of the company-specific risk be diversified away by investing in both EnGene Holdings and Barclays Capital 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 EnGene Holdings and Barclays Capital into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between enGene Holdings Common and Barclays Capital, you can compare the effects of market volatilities on EnGene Holdings and Barclays Capital 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 EnGene Holdings with a short position of Barclays Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of EnGene Holdings and Barclays Capital.
Diversification Opportunities for EnGene Holdings and Barclays Capital
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between EnGene and Barclays is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding enGene Holdings Common and Barclays Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Barclays Capital and EnGene Holdings 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 enGene Holdings Common are associated (or correlated) with Barclays Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Barclays Capital has no effect on the direction of EnGene Holdings i.e., EnGene Holdings and Barclays Capital go up and down completely randomly.
Pair Corralation between EnGene Holdings and Barclays Capital
If you would invest 692.00 in enGene Holdings Common on October 21, 2024 and sell it today you would lose (1.00) from holding enGene Holdings Common or give up 0.14% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 5.26% |
| Values | Daily Returns |
enGene Holdings Common vs. Barclays Capital
Performance |
| Timeline |
| enGene Holdings Common |
| Barclays Capital |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
EnGene Holdings and Barclays Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EnGene Holdings and Barclays Capital
The main advantage of trading using opposite EnGene Holdings and Barclays Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EnGene Holdings position performs unexpectedly, Barclays Capital 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 Barclays Capital will offset losses from the drop in Barclays Capital's long position.| EnGene Holdings vs. GRI Bio | EnGene Holdings vs. Prime Medicine, Common | EnGene Holdings vs. FT Vest Equity | EnGene Holdings vs. Zillow Group Class |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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