Correlation Between Genfit and Maverix Metals
Can any of the company-specific risk be diversified away by investing in both Genfit and Maverix Metals 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 Maverix Metals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Genfit and Maverix Metals, you can compare the effects of market volatilities on Genfit and Maverix Metals 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 Maverix Metals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genfit and Maverix Metals.
Diversification Opportunities for Genfit and Maverix Metals
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Genfit and Maverix is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Genfit and Maverix Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maverix Metals 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 Maverix Metals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maverix Metals has no effect on the direction of Genfit i.e., Genfit and Maverix Metals go up and down completely randomly.
Pair Corralation between Genfit and Maverix Metals
If you would invest (100.00) in Maverix Metals on October 15, 2024 and sell it today you would earn a total of 100.00 from holding Maverix Metals or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 0.0% |
| Values | Daily Returns |
Genfit vs. Maverix Metals
Performance |
| Timeline |
| Genfit |
| Maverix Metals |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Genfit and Maverix Metals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genfit and Maverix Metals
The main advantage of trading using opposite Genfit and Maverix Metals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genfit position performs unexpectedly, Maverix Metals 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 Maverix Metals will offset losses from the drop in Maverix Metals' long position.| Genfit vs. HCW Biologics | Genfit vs. Molecular Partners AG | Genfit vs. MediciNova | Genfit vs. Anebulo Pharmaceuticals |
| Maverix Metals vs. GMO Internet | Maverix Metals vs. Spyre Therapeutics | Maverix Metals vs. Dave Busters Entertainment | Maverix Metals vs. Genfit |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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