Correlation Between Genocea Biosciences and HF Sinclair
Can any of the company-specific risk be diversified away by investing in both Genocea Biosciences and HF Sinclair 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 Genocea Biosciences and HF Sinclair into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Genocea Biosciences and HF Sinclair Corp, you can compare the effects of market volatilities on Genocea Biosciences and HF Sinclair 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 Genocea Biosciences with a short position of HF Sinclair. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genocea Biosciences and HF Sinclair.
Diversification Opportunities for Genocea Biosciences and HF Sinclair
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Genocea and DINO is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Genocea Biosciences and HF Sinclair Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HF Sinclair Corp and Genocea Biosciences 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 Genocea Biosciences are associated (or correlated) with HF Sinclair. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HF Sinclair Corp has no effect on the direction of Genocea Biosciences i.e., Genocea Biosciences and HF Sinclair go up and down completely randomly.
Pair Corralation between Genocea Biosciences and HF Sinclair
If you would invest 0.02 in Genocea Biosciences on September 12, 2024 and sell it today you would earn a total of 0.00 from holding Genocea Biosciences or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
Genocea Biosciences vs. HF Sinclair Corp
Performance |
| Timeline |
| Genocea Biosciences |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| HF Sinclair Corp |
Genocea Biosciences and HF Sinclair Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genocea Biosciences and HF Sinclair
The main advantage of trading using opposite Genocea Biosciences and HF Sinclair positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genocea Biosciences position performs unexpectedly, HF Sinclair 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 HF Sinclair will offset losses from the drop in HF Sinclair's long position.| Genocea Biosciences vs. Mesa Air Group | Genocea Biosciences vs. Yuexiu Transport Infrastructure | Genocea Biosciences vs. Porvair plc | Genocea Biosciences vs. AerSale Corp |
| HF Sinclair vs. Delek Logistics Partners | HF Sinclair vs. CVR Energy | HF Sinclair vs. Star Gas Partners | HF Sinclair vs. Ultrapar Participacoes SA |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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