Correlation Between Genocea Biosciences and Nuvation Bio
Can any of the company-specific risk be diversified away by investing in both Genocea Biosciences and Nuvation Bio 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 Nuvation Bio into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Genocea Biosciences and Nuvation Bio, you can compare the effects of market volatilities on Genocea Biosciences and Nuvation Bio 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 Nuvation Bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genocea Biosciences and Nuvation Bio.
Diversification Opportunities for Genocea Biosciences and Nuvation Bio
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Genocea and Nuvation is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Genocea Biosciences and Nuvation Bio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuvation Bio 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 Nuvation Bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuvation Bio has no effect on the direction of Genocea Biosciences i.e., Genocea Biosciences and Nuvation Bio go up and down completely randomly.
Pair Corralation between Genocea Biosciences and Nuvation Bio
If you would invest 170.00 in Nuvation Bio on September 1, 2024 and sell it today you would earn a total of 120.00 from holding Nuvation Bio or generate 70.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Genocea Biosciences vs. Nuvation Bio
Performance |
| Timeline |
| Genocea Biosciences |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Nuvation Bio |
Genocea Biosciences and Nuvation Bio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genocea Biosciences and Nuvation Bio
The main advantage of trading using opposite Genocea Biosciences and Nuvation Bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genocea Biosciences position performs unexpectedly, Nuvation Bio 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 Nuvation Bio will offset losses from the drop in Nuvation Bio's long position.| Genocea Biosciences vs. Sun Country Airlines | Genocea Biosciences vs. Iridium Communications | Genocea Biosciences vs. 51Talk Online Education | Genocea Biosciences vs. Hafnia Limited |
| Nuvation Bio vs. Cue Biopharma | Nuvation Bio vs. Tff Pharmaceuticals | Nuvation Bio vs. Lantern Pharma | Nuvation Bio vs. Eliem Therapeutics |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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