Correlation Between Genfit and Crown Proptech
Can any of the company-specific risk be diversified away by investing in both Genfit and Crown Proptech 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 Crown Proptech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Genfit and Crown Proptech Acquisitions, you can compare the effects of market volatilities on Genfit and Crown Proptech 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 Crown Proptech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genfit and Crown Proptech.
Diversification Opportunities for Genfit and Crown Proptech
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Genfit and Crown is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Genfit and Crown Proptech Acquisitions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Crown Proptech Acqui 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 Crown Proptech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Crown Proptech Acqui has no effect on the direction of Genfit i.e., Genfit and Crown Proptech go up and down completely randomly.
Pair Corralation between Genfit and Crown Proptech
If you would invest 383.00 in Genfit on November 2, 2024 and sell it today you would earn a total of 14.00 from holding Genfit or generate 3.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 5.26% |
| Values | Daily Returns |
Genfit vs. Crown Proptech Acquisitions
Performance |
| Timeline |
| Genfit |
| Crown Proptech Acqui |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Genfit and Crown Proptech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genfit and Crown Proptech
The main advantage of trading using opposite Genfit and Crown Proptech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genfit position performs unexpectedly, Crown Proptech 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 Crown Proptech will offset losses from the drop in Crown Proptech's long position.| Genfit vs. HCW Biologics | Genfit vs. Molecular Partners AG | Genfit vs. MediciNova | Genfit vs. Anebulo Pharmaceuticals |
| Crown Proptech vs. Summit Materials | Crown Proptech vs. AA Mission Acquisition | Crown Proptech vs. PennantPark Floating Rate | Crown Proptech vs. Summit Hotel Properties |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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