Correlation Between NH Foods and Genocea Biosciences
Can any of the company-specific risk be diversified away by investing in both NH Foods 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 NH Foods and Genocea Biosciences into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NH Foods Ltd and Genocea Biosciences, you can compare the effects of market volatilities on NH Foods 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 NH Foods with a short position of Genocea Biosciences. Check out your portfolio center. Please also check ongoing floating volatility patterns of NH Foods and Genocea Biosciences.
Diversification Opportunities for NH Foods and Genocea Biosciences
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between NIPMY and Genocea is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding NH Foods Ltd and Genocea Biosciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genocea Biosciences and NH Foods 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 NH Foods Ltd 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 NH Foods i.e., NH Foods and Genocea Biosciences go up and down completely randomly.
Pair Corralation between NH Foods and Genocea Biosciences
If you would invest (100.00) in Genocea Biosciences on August 29, 2024 and sell it today you would earn a total of 100.00 from holding Genocea Biosciences or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
NH Foods Ltd vs. Genocea Biosciences
Performance |
| Timeline |
| NH Foods |
| Genocea Biosciences |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
NH Foods and Genocea Biosciences Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NH Foods and Genocea Biosciences
The main advantage of trading using opposite NH Foods and Genocea Biosciences positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NH Foods 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.| NH Foods vs. Darling Ingredients | NH Foods vs. Paranovus Entertainment Technology | NH Foods vs. ABIVAX Socit Anonyme | NH Foods vs. Pinnacle Sherman Multi Strategy |
| Genocea Biosciences vs. NH Foods Ltd | Genocea Biosciences vs. JetBlue Airways Corp | Genocea Biosciences vs. Albertsons Companies | Genocea Biosciences vs. Nok Airlines Public |
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 Stocks Directory module to find actively traded stocks across global markets.
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