Correlation Between GRPH Old and Genelux Common
Can any of the company-specific risk be diversified away by investing in both GRPH Old and Genelux Common 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 GRPH Old and Genelux Common into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GRPH Old and Genelux Common, you can compare the effects of market volatilities on GRPH Old and Genelux Common 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 GRPH Old with a short position of Genelux Common. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRPH Old and Genelux Common.
Diversification Opportunities for GRPH Old and Genelux Common
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between GRPH and Genelux is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding GRPH Old and Genelux Common in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genelux Common and GRPH Old 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 GRPH Old are associated (or correlated) with Genelux Common. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genelux Common has no effect on the direction of GRPH Old i.e., GRPH Old and Genelux Common go up and down completely randomly.
Pair Corralation between GRPH Old and Genelux Common
If you would invest 267.00 in GRPH Old on October 25, 2024 and sell it today you would earn a total of 0.00 from holding GRPH Old or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 0.32% |
| Values | Daily Returns |
GRPH Old vs. Genelux Common
Performance |
| Timeline |
| GRPH Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Genelux Common |
GRPH Old and Genelux Common Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRPH Old and Genelux Common
The main advantage of trading using opposite GRPH Old and Genelux Common positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRPH Old position performs unexpectedly, Genelux Common 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 Genelux Common will offset losses from the drop in Genelux Common's long position.| GRPH Old vs. Assembly Biosciences | GRPH Old vs. Instil Bio | GRPH Old vs. Nuvation Bio | GRPH Old vs. Achilles Therapeutics PLC |
| Genelux Common vs. Dyadic International | Genelux Common vs. Cingulate | Genelux Common vs. Monopar Therapeutics | Genelux Common vs. Terns Pharmaceuticals |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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