Correlation Between Genfit and CannaGlobal Acquisition
Can any of the company-specific risk be diversified away by investing in both Genfit and CannaGlobal Acquisition 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 Genfit and CannaGlobal Acquisition into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Genfit and CannaGlobal Acquisition Corp, you can compare the effects of market volatilities on Genfit and CannaGlobal Acquisition 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 Genfit with a short position of CannaGlobal Acquisition. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genfit and CannaGlobal Acquisition.
Diversification Opportunities for Genfit and CannaGlobal Acquisition
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Genfit and CannaGlobal is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Genfit and CannaGlobal Acquisition Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CannaGlobal Acquisition and Genfit 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 Genfit are associated (or correlated) with CannaGlobal Acquisition. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CannaGlobal Acquisition has no effect on the direction of Genfit i.e., Genfit and CannaGlobal Acquisition go up and down completely randomly.
Pair Corralation between Genfit and CannaGlobal Acquisition
If you would invest 1,092 in CannaGlobal Acquisition Corp on September 12, 2024 and sell it today you would earn a total of 0.00 from holding CannaGlobal Acquisition Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
Genfit vs. CannaGlobal Acquisition Corp
Performance |
| Timeline |
| Genfit |
| CannaGlobal Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Genfit and CannaGlobal Acquisition Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genfit and CannaGlobal Acquisition
The main advantage of trading using opposite Genfit and CannaGlobal Acquisition positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genfit position performs unexpectedly, CannaGlobal Acquisition 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 CannaGlobal Acquisition will offset losses from the drop in CannaGlobal Acquisition's long position.| Genfit vs. Eliem Therapeutics | Genfit vs. HCW Biologics | Genfit vs. Molecular Partners AG | Genfit vs. MediciNova |
| CannaGlobal Acquisition vs. Spyre Therapeutics | CannaGlobal Acquisition vs. Sellas Life Sciences | CannaGlobal Acquisition vs. Genfit | CannaGlobal Acquisition vs. The Gap, |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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