Correlation Between Gamida Cell and Elevation Oncology
Can any of the company-specific risk be diversified away by investing in both Gamida Cell and Elevation Oncology 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 Gamida Cell and Elevation Oncology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gamida Cell and Elevation Oncology, you can compare the effects of market volatilities on Gamida Cell and Elevation Oncology 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 Gamida Cell with a short position of Elevation Oncology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gamida Cell and Elevation Oncology.
Diversification Opportunities for Gamida Cell and Elevation Oncology
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gamida and Elevation is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Gamida Cell and Elevation Oncology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elevation Oncology and Gamida 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 Gamida Cell are associated (or correlated) with Elevation Oncology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elevation Oncology has no effect on the direction of Gamida Cell i.e., Gamida Cell and Elevation Oncology go up and down completely randomly.
Pair Corralation between Gamida Cell and Elevation Oncology
If you would invest (100.00) in Gamida Cell on November 28, 2024 and sell it today you would earn a total of 100.00 from holding Gamida Cell or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Gamida Cell vs. Elevation Oncology
Performance |
| Timeline |
| Gamida Cell |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Elevation Oncology |
Gamida Cell and Elevation Oncology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gamida Cell and Elevation Oncology
The main advantage of trading using opposite Gamida Cell and Elevation Oncology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gamida Cell position performs unexpectedly, Elevation Oncology 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 Elevation Oncology will offset losses from the drop in Elevation Oncology's long position.| Gamida Cell vs. BioLineRx | Gamida Cell vs. Ardelyx | Gamida Cell vs. Lexicon Pharmaceuticals | Gamida Cell vs. Seres Therapeutics |
| Elevation Oncology vs. Ocean Biomedical | Elevation Oncology vs. Zura Bio Limited | Elevation Oncology vs. Enveric Biosciences | Elevation Oncology vs. Hepion Pharmaceuticals |
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 Stocks Directory module to find actively traded stocks across global markets.
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