Correlation Between Field Trip and GH Research
Can any of the company-specific risk be diversified away by investing in both Field Trip and GH Research 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 Field Trip and GH Research into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Field Trip Health and GH Research PLC, you can compare the effects of market volatilities on Field Trip and GH Research 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 Field Trip with a short position of GH Research. Check out your portfolio center. Please also check ongoing floating volatility patterns of Field Trip and GH Research.
Diversification Opportunities for Field Trip and GH Research
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Field and GHRS is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Field Trip Health and GH Research PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GH Research PLC and Field Trip 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 Field Trip Health are associated (or correlated) with GH Research. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GH Research PLC has no effect on the direction of Field Trip i.e., Field Trip and GH Research go up and down completely randomly.
Pair Corralation between Field Trip and GH Research
If you would invest 813.00 in GH Research PLC on September 1, 2024 and sell it today you would earn a total of 80.00 from holding GH Research PLC or generate 9.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 0.37% |
| Values | Daily Returns |
Field Trip Health vs. GH Research PLC
Performance |
| Timeline |
| Field Trip Health |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| GH Research PLC |
Field Trip and GH Research Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Field Trip and GH Research
The main advantage of trading using opposite Field Trip and GH Research positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Field Trip position performs unexpectedly, GH Research 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 GH Research will offset losses from the drop in GH Research's long position.| Field Trip vs. Rasna Therapeutics | Field Trip vs. Kane Biotech | Field Trip vs. SAB Biotherapeutics | Field Trip vs. India Globalization Capital |
| GH Research vs. Molecular Partners AG | GH Research vs. MediciNova | GH Research vs. Anebulo Pharmaceuticals | GH Research vs. Champions Oncology |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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