Correlation Between Enlivex Therapeutics and Transgene
Can any of the company-specific risk be diversified away by investing in both Enlivex Therapeutics and Transgene 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 Enlivex Therapeutics and Transgene into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Enlivex Therapeutics and Transgene SA, you can compare the effects of market volatilities on Enlivex Therapeutics and Transgene 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 Enlivex Therapeutics with a short position of Transgene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Enlivex Therapeutics and Transgene.
Diversification Opportunities for Enlivex Therapeutics and Transgene
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Enlivex and Transgene is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Enlivex Therapeutics and Transgene SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Transgene SA and Enlivex Therapeutics 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 Enlivex Therapeutics are associated (or correlated) with Transgene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Transgene SA has no effect on the direction of Enlivex Therapeutics i.e., Enlivex Therapeutics and Transgene go up and down completely randomly.
Pair Corralation between Enlivex Therapeutics and Transgene
If you would invest 159.00 in Transgene SA on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Transgene SA or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Enlivex Therapeutics vs. Transgene SA
Performance |
| Timeline |
| Enlivex Therapeutics |
| Transgene SA |
Enlivex Therapeutics and Transgene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Enlivex Therapeutics and Transgene
The main advantage of trading using opposite Enlivex Therapeutics and Transgene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Enlivex Therapeutics position performs unexpectedly, Transgene 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 Transgene will offset losses from the drop in Transgene's long position.| Enlivex Therapeutics vs. Pluri Inc | Enlivex Therapeutics vs. BioLineRx | Enlivex Therapeutics vs. Purple Biotech | Enlivex Therapeutics vs. Histogen |
| Transgene vs. Here Media | Transgene vs. Employers Holdings | Transgene vs. Stagwell | Transgene vs. Sun Life Financial |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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