Correlation Between Brainstorm Cell and Moderna
Can any of the company-specific risk be diversified away by investing in both Brainstorm Cell and Moderna 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 Brainstorm Cell and Moderna into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Brainstorm Cell Therapeutics and Moderna, you can compare the effects of market volatilities on Brainstorm Cell and Moderna 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 Brainstorm Cell with a short position of Moderna. Check out your portfolio center. Please also check ongoing floating volatility patterns of Brainstorm Cell and Moderna.
Diversification Opportunities for Brainstorm Cell and Moderna
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Brainstorm and Moderna is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Brainstorm Cell Therapeutics and Moderna in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Moderna and Brainstorm Cell 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 Brainstorm Cell Therapeutics are associated (or correlated) with Moderna. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Moderna has no effect on the direction of Brainstorm Cell i.e., Brainstorm Cell and Moderna go up and down completely randomly.
Pair Corralation between Brainstorm Cell and Moderna
If you would invest 269.00 in Brainstorm Cell Therapeutics on September 13, 2024 and sell it today you would earn a total of 0.00 from holding Brainstorm Cell Therapeutics or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 68.18% |
| Values | Daily Returns |
Brainstorm Cell Therapeutics vs. Moderna
Performance |
| Timeline |
| Brainstorm Cell Ther |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Moderna |
Brainstorm Cell and Moderna Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Brainstorm Cell and Moderna
The main advantage of trading using opposite Brainstorm Cell and Moderna positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Brainstorm Cell position performs unexpectedly, Moderna 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 Moderna will offset losses from the drop in Moderna's long position.| Brainstorm Cell vs. Moderna | Brainstorm Cell vs. BioNTech SE | Brainstorm Cell vs. Superior Plus Corp | Brainstorm Cell vs. SIVERS SEMICONDUCTORS AB |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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