Correlation Between Yuexiu Transport and Genocea Biosciences
Can any of the company-specific risk be diversified away by investing in both Yuexiu Transport and Genocea Biosciences 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 Yuexiu Transport and Genocea Biosciences into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Yuexiu Transport Infrastructure and Genocea Biosciences, you can compare the effects of market volatilities on Yuexiu Transport and Genocea Biosciences 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 Yuexiu Transport with a short position of Genocea Biosciences. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yuexiu Transport and Genocea Biosciences.
Diversification Opportunities for Yuexiu Transport and Genocea Biosciences
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Yuexiu and Genocea is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Yuexiu Transport Infrastructur and Genocea Biosciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genocea Biosciences and Yuexiu Transport 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 Yuexiu Transport Infrastructure are associated (or correlated) with Genocea Biosciences. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genocea Biosciences has no effect on the direction of Yuexiu Transport i.e., Yuexiu Transport and Genocea Biosciences go up and down completely randomly.
Pair Corralation between Yuexiu Transport and Genocea Biosciences
If you would invest 0.02 in Genocea Biosciences on September 13, 2024 and sell it today you would earn a total of 0.00 from holding Genocea Biosciences or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Yuexiu Transport Infrastructur vs. Genocea Biosciences
Performance |
| Timeline |
| Yuexiu Transport Inf |
| Genocea Biosciences |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Yuexiu Transport and Genocea Biosciences Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yuexiu Transport and Genocea Biosciences
The main advantage of trading using opposite Yuexiu Transport and Genocea Biosciences positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yuexiu Transport position performs unexpectedly, Genocea Biosciences 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 Genocea Biosciences will offset losses from the drop in Genocea Biosciences' long position.| Yuexiu Transport vs. Recursion Pharmaceuticals | Yuexiu Transport vs. SoFi Technologies | Yuexiu Transport vs. PayPal Holdings | Yuexiu Transport vs. Intuitive Machines |
| Genocea Biosciences vs. PVH Corp | Genocea Biosciences vs. Nike Inc | Genocea Biosciences vs. Citi Trends | Genocea Biosciences vs. Zumiez Inc |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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