Correlation Between Freeline Therapeutics and CohBar
Can any of the company-specific risk be diversified away by investing in both Freeline Therapeutics and CohBar 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 Freeline Therapeutics and CohBar into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Freeline Therapeutics Holdings and CohBar Inc, you can compare the effects of market volatilities on Freeline Therapeutics and CohBar 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 Freeline Therapeutics with a short position of CohBar. Check out your portfolio center. Please also check ongoing floating volatility patterns of Freeline Therapeutics and CohBar.
Diversification Opportunities for Freeline Therapeutics and CohBar
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Freeline and CohBar is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Freeline Therapeutics Holdings and CohBar Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CohBar Inc and Freeline 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 Freeline Therapeutics Holdings are associated (or correlated) with CohBar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CohBar Inc has no effect on the direction of Freeline Therapeutics i.e., Freeline Therapeutics and CohBar go up and down completely randomly.
Pair Corralation between Freeline Therapeutics and CohBar
If you would invest 299.00 in CohBar Inc on August 29, 2024 and sell it today you would earn a total of 0.00 from holding CohBar Inc or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Freeline Therapeutics Holdings vs. CohBar Inc
Performance |
| Timeline |
| Freeline Therapeutics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| CohBar Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Freeline Therapeutics and CohBar Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Freeline Therapeutics and CohBar
The main advantage of trading using opposite Freeline Therapeutics and CohBar positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Freeline Therapeutics position performs unexpectedly, CohBar 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 CohBar will offset losses from the drop in CohBar's long position.| Freeline Therapeutics vs. Cns Pharmaceuticals | Freeline Therapeutics vs. ZyVersa Therapeutics | Freeline Therapeutics vs. Immix Biopharma | Freeline Therapeutics vs. Hepion Pharmaceuticals |
| CohBar vs. Enveric Biosciences | CohBar vs. Elevation Oncology | CohBar vs. Hepion Pharmaceuticals | CohBar vs. Zura Bio Limited |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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