Correlation Between GeoVax Labs and Ocugen
Can any of the company-specific risk be diversified away by investing in both GeoVax Labs and Ocugen 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 GeoVax Labs and Ocugen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GeoVax Labs and Ocugen Inc, you can compare the effects of market volatilities on GeoVax Labs and Ocugen 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 GeoVax Labs with a short position of Ocugen. Check out your portfolio center. Please also check ongoing floating volatility patterns of GeoVax Labs and Ocugen.
Diversification Opportunities for GeoVax Labs and Ocugen
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between GeoVax and Ocugen is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding GeoVax Labs and Ocugen Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ocugen Inc and GeoVax Labs 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 GeoVax Labs are associated (or correlated) with Ocugen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ocugen Inc has no effect on the direction of GeoVax Labs i.e., GeoVax Labs and Ocugen go up and down completely randomly.
Pair Corralation between GeoVax Labs and Ocugen
Given the investment horizon of 90 days GeoVax Labs is expected to generate 0.83 times more return on investment than Ocugen. However, GeoVax Labs is 1.21 times less risky than Ocugen. It trades about -0.04 of its potential returns per unit of risk. Ocugen Inc is currently generating about -0.06 per unit of risk. If you would invest 232.00 in GeoVax Labs on October 20, 2024 and sell it today you would lose (10.00) from holding GeoVax Labs or give up 4.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GeoVax Labs vs. Ocugen Inc
Performance |
| Timeline |
| GeoVax Labs |
| Ocugen Inc |
GeoVax Labs and Ocugen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GeoVax Labs and Ocugen
The main advantage of trading using opposite GeoVax Labs and Ocugen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GeoVax Labs position performs unexpectedly, Ocugen 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 Ocugen will offset losses from the drop in Ocugen's long position.| GeoVax Labs vs. Zura Bio Limited | GeoVax Labs vs. ZyVersa Therapeutics | GeoVax Labs vs. Phio Pharmaceuticals Corp | GeoVax Labs vs. Sonnet Biotherapeutics Holdings |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| 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 | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |