Correlation Between Genfit and 404139AJ6
Specify exactly 2 symbols:
By analyzing existing cross correlation between Genfit and US404139AJ64, you can compare the effects of market volatilities on Genfit and 404139AJ6 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 404139AJ6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genfit and 404139AJ6.
Diversification Opportunities for Genfit and 404139AJ6
Good diversification
The 3 months correlation between Genfit and 404139AJ6 is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Genfit and US404139AJ64 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US404139AJ64 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 404139AJ6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US404139AJ64 has no effect on the direction of Genfit i.e., Genfit and 404139AJ6 go up and down completely randomly.
Pair Corralation between Genfit and 404139AJ6
Given the investment horizon of 90 days Genfit is expected to generate 0.79 times more return on investment than 404139AJ6. However, Genfit is 1.26 times less risky than 404139AJ6. It trades about -0.47 of its potential returns per unit of risk. US404139AJ64 is currently generating about -0.48 per unit of risk. If you would invest 576.00 in Genfit on September 4, 2024 and sell it today you would lose (171.00) from holding Genfit or give up 29.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 19.05% |
| Values | Daily Returns |
Genfit vs. US404139AJ64
Performance |
| Timeline |
| Genfit |
| US404139AJ64 |
Genfit and 404139AJ6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genfit and 404139AJ6
The main advantage of trading using opposite Genfit and 404139AJ6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genfit position performs unexpectedly, 404139AJ6 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 404139AJ6 will offset losses from the drop in 404139AJ6's long position.| Genfit vs. Candel Therapeutics | Genfit vs. Cingulate Warrants | Genfit vs. Unicycive Therapeutics | Genfit vs. Quoin Pharmaceuticals Ltd |
| 404139AJ6 vs. Xponential Fitness | 404139AJ6 vs. Transportadora de Gas | 404139AJ6 vs. Suburban Propane Partners | 404139AJ6 vs. Archrock |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |