Correlation Between Gamida Cell and Qrons
Can any of the company-specific risk be diversified away by investing in both Gamida Cell and Qrons 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 Qrons into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gamida Cell and Qrons Inc, you can compare the effects of market volatilities on Gamida Cell and Qrons 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 Qrons. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gamida Cell and Qrons.
Diversification Opportunities for Gamida Cell and Qrons
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Gamida and Qrons is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Gamida Cell and Qrons Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qrons Inc 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 Qrons. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qrons Inc has no effect on the direction of Gamida Cell i.e., Gamida Cell and Qrons go up and down completely randomly.
Pair Corralation between Gamida Cell and Qrons
If you would invest 16.00 in Qrons Inc on September 14, 2024 and sell it today you would earn a total of 2.00 from holding Qrons Inc or generate 12.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Gamida Cell vs. Qrons Inc
Performance |
| Timeline |
| Gamida Cell |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Qrons Inc |
Gamida Cell and Qrons Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gamida Cell and Qrons
The main advantage of trading using opposite Gamida Cell and Qrons positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gamida Cell position performs unexpectedly, Qrons 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 Qrons will offset losses from the drop in Qrons' long position.| Gamida Cell vs. BioLineRx | Gamida Cell vs. Ardelyx | Gamida Cell vs. Lexicon Pharmaceuticals | Gamida Cell vs. Seres Therapeutics |
| Qrons vs. Northwest Biotherapeutics | Qrons vs. Geron | Qrons vs. Advanced Proteome Therapeutics | Qrons vs. Oxford BioDynamics Plc |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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