Correlation Between Genocea Biosciences and In8bio
Can any of the company-specific risk be diversified away by investing in both Genocea Biosciences and In8bio 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 In8bio into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Genocea Biosciences and In8bio Inc, you can compare the effects of market volatilities on Genocea Biosciences and In8bio 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 In8bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genocea Biosciences and In8bio.
Diversification Opportunities for Genocea Biosciences and In8bio
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Genocea and In8bio is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Genocea Biosciences and In8bio Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on In8bio Inc 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 In8bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of In8bio Inc has no effect on the direction of Genocea Biosciences i.e., Genocea Biosciences and In8bio go up and down completely randomly.
Pair Corralation between Genocea Biosciences and In8bio
If you would invest (100.00) in Genocea Biosciences on August 31, 2024 and sell it today you would earn a total of 100.00 from holding Genocea Biosciences 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 |
Genocea Biosciences vs. In8bio Inc
Performance |
| Timeline |
| Genocea Biosciences |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| In8bio Inc |
Genocea Biosciences and In8bio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genocea Biosciences and In8bio
The main advantage of trading using opposite Genocea Biosciences and In8bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genocea Biosciences position performs unexpectedly, In8bio 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 In8bio will offset losses from the drop in In8bio's long position.| Genocea Biosciences vs. Westrock Coffee | Genocea Biosciences vs. Sweetgreen | Genocea Biosciences vs. Chester Mining | Genocea Biosciences vs. Dominos Pizza |
| In8bio vs. Cue Biopharma | In8bio vs. Eliem Therapeutics | In8bio vs. Inhibrx | In8bio vs. Molecular Partners AG |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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