Correlation Between Frequency Therapeutics and Comera Life
Can any of the company-specific risk be diversified away by investing in both Frequency Therapeutics and Comera Life 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 Frequency Therapeutics and Comera Life into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Frequency Therapeutics and Comera Life Sciences, you can compare the effects of market volatilities on Frequency Therapeutics and Comera Life 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 Frequency Therapeutics with a short position of Comera Life. Check out your portfolio center. Please also check ongoing floating volatility patterns of Frequency Therapeutics and Comera Life.
Diversification Opportunities for Frequency Therapeutics and Comera Life
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Frequency and Comera is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Frequency Therapeutics and Comera Life Sciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Comera Life Sciences and Frequency 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 Frequency Therapeutics are associated (or correlated) with Comera Life. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Comera Life Sciences has no effect on the direction of Frequency Therapeutics i.e., Frequency Therapeutics and Comera Life go up and down completely randomly.
Pair Corralation between Frequency Therapeutics and Comera Life
If you would invest 66.00 in Comera Life Sciences on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Comera Life Sciences or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Frequency Therapeutics vs. Comera Life Sciences
Performance |
| Timeline |
| Frequency Therapeutics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Comera Life Sciences |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Frequency Therapeutics and Comera Life Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Frequency Therapeutics and Comera Life
The main advantage of trading using opposite Frequency Therapeutics and Comera Life positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Frequency Therapeutics position performs unexpectedly, Comera Life 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 Comera Life will offset losses from the drop in Comera Life's long position.| Frequency Therapeutics vs. Lineage Cell Therapeutics | Frequency Therapeutics vs. MAIA Biotechnology | Frequency Therapeutics vs. Armata Pharmaceuticals | Frequency Therapeutics vs. Portage Biotech |
| Comera Life vs. SAB Biotherapeutics | Comera Life vs. Processa Pharmaceuticals | Comera Life vs. Third Harmonic Bio | Comera Life vs. Indaptus Therapeutics |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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