Correlation Between GRPH Old and MAIA Biotechnology
Can any of the company-specific risk be diversified away by investing in both GRPH Old and MAIA Biotechnology 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 MAIA Biotechnology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GRPH Old and MAIA Biotechnology, you can compare the effects of market volatilities on GRPH Old and MAIA Biotechnology 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 MAIA Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRPH Old and MAIA Biotechnology.
Diversification Opportunities for GRPH Old and MAIA Biotechnology
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between GRPH and MAIA is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding GRPH Old and MAIA Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MAIA Biotechnology 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 MAIA Biotechnology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MAIA Biotechnology has no effect on the direction of GRPH Old i.e., GRPH Old and MAIA Biotechnology go up and down completely randomly.
Pair Corralation between GRPH Old and MAIA Biotechnology
If you would invest 267.00 in GRPH Old on November 5, 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 | 5.26% |
| Values | Daily Returns |
GRPH Old vs. MAIA Biotechnology
Performance |
| Timeline |
| GRPH Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| MAIA Biotechnology |
GRPH Old and MAIA Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRPH Old and MAIA Biotechnology
The main advantage of trading using opposite GRPH Old and MAIA Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRPH Old position performs unexpectedly, MAIA Biotechnology 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 MAIA Biotechnology will offset losses from the drop in MAIA Biotechnology's long position.| GRPH Old vs. Assembly Biosciences | GRPH Old vs. Instil Bio | GRPH Old vs. Nuvation Bio | GRPH Old vs. Achilles Therapeutics PLC |
| MAIA Biotechnology vs. Lineage Cell Therapeutics | MAIA Biotechnology vs. Armata Pharmaceuticals | MAIA Biotechnology vs. Portage Biotech | MAIA Biotechnology vs. Larimar Therapeutics |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |