Correlation Between Evogene and Enlivex Therapeutics
Can any of the company-specific risk be diversified away by investing in both Evogene and Enlivex Therapeutics 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 Evogene and Enlivex Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Evogene and Enlivex Therapeutics, you can compare the effects of market volatilities on Evogene and Enlivex Therapeutics 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 Evogene with a short position of Enlivex Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Evogene and Enlivex Therapeutics.
Diversification Opportunities for Evogene and Enlivex Therapeutics
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Evogene and Enlivex is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Evogene and Enlivex Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Enlivex Therapeutics and Evogene 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 Evogene are associated (or correlated) with Enlivex Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Enlivex Therapeutics has no effect on the direction of Evogene i.e., Evogene and Enlivex Therapeutics go up and down completely randomly.
Pair Corralation between Evogene and Enlivex Therapeutics
Given the investment horizon of 90 days Evogene is expected to generate 2.36 times more return on investment than Enlivex Therapeutics. However, Evogene is 2.36 times more volatile than Enlivex Therapeutics. It trades about 0.14 of its potential returns per unit of risk. Enlivex Therapeutics is currently generating about -0.06 per unit of risk. If you would invest 145.00 in Evogene on October 25, 2024 and sell it today you would earn a total of 22.00 from holding Evogene or generate 15.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Evogene vs. Enlivex Therapeutics
Performance |
| Timeline |
| Evogene |
| Enlivex Therapeutics |
Evogene and Enlivex Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Evogene and Enlivex Therapeutics
The main advantage of trading using opposite Evogene and Enlivex Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Evogene position performs unexpectedly, Enlivex Therapeutics 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 Enlivex Therapeutics will offset losses from the drop in Enlivex Therapeutics' long position.| Evogene vs. Arcus Biosciences | Evogene vs. Fate Therapeutics | Evogene vs. Pluri Inc | Evogene vs. Lexaria Bioscience Corp |
| Enlivex Therapeutics vs. Pluri Inc | Enlivex Therapeutics vs. BioLineRx | Enlivex Therapeutics vs. Purple Biotech | Enlivex Therapeutics vs. Histogen |
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.
Other Complementary Tools
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Transaction History View history of all your transactions and understand their impact on performance |