Correlation Between FIXX Old and Inventiva
Can any of the company-specific risk be diversified away by investing in both FIXX Old and Inventiva 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 FIXX Old and Inventiva into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FIXX Old and Inventiva Sa, you can compare the effects of market volatilities on FIXX Old and Inventiva 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 FIXX Old with a short position of Inventiva. Check out your portfolio center. Please also check ongoing floating volatility patterns of FIXX Old and Inventiva.
Diversification Opportunities for FIXX Old and Inventiva
Very weak diversification
The 3 months correlation between FIXX and Inventiva is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding FIXX Old and Inventiva Sa in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inventiva Sa and FIXX Old 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 FIXX Old are associated (or correlated) with Inventiva. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inventiva Sa has no effect on the direction of FIXX Old i.e., FIXX Old and Inventiva go up and down completely randomly.
Pair Corralation between FIXX Old and Inventiva
If you would invest 109.00 in FIXX Old on October 25, 2024 and sell it today you would earn a total of 0.00 from holding FIXX Old or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 5.56% |
| Values | Daily Returns |
FIXX Old vs. Inventiva Sa
Performance |
| Timeline |
| FIXX Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Inventiva Sa |
FIXX Old and Inventiva Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FIXX Old and Inventiva
The main advantage of trading using opposite FIXX Old and Inventiva positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FIXX Old position performs unexpectedly, Inventiva 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 Inventiva will offset losses from the drop in Inventiva's long position.| FIXX Old vs. Passage Bio | FIXX Old vs. Stoke Therapeutics | FIXX Old vs. Adaptimmune Therapeutics Plc | FIXX Old vs. Black Diamond Therapeutics |
| Inventiva vs. Mineralys Therapeutics, Common | Inventiva vs. Anebulo Pharmaceuticals | Inventiva vs. Janux Therapeutics | Inventiva vs. Rezolute |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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