Correlation Between SBF 120 and Valneva SE
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By analyzing existing cross correlation between SBF 120 and Valneva SE, you can compare the effects of market volatilities on SBF 120 and Valneva SE 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 SBF 120 with a short position of Valneva SE. Check out your portfolio center. Please also check ongoing floating volatility patterns of SBF 120 and Valneva SE.
Diversification Opportunities for SBF 120 and Valneva SE
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between SBF and Valneva is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding SBF 120 and Valneva SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Valneva SE and SBF 120 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 SBF 120 are associated (or correlated) with Valneva SE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Valneva SE has no effect on the direction of SBF 120 i.e., SBF 120 and Valneva SE go up and down completely randomly.
Pair Corralation between SBF 120 and Valneva SE
Assuming the 90 days trading horizon SBF 120 is expected to generate 0.32 times more return on investment than Valneva SE. However, SBF 120 is 3.15 times less risky than Valneva SE. It trades about -0.07 of its potential returns per unit of risk. Valneva SE is currently generating about -0.25 per unit of risk. If you would invest 574,065 in SBF 120 on August 28, 2024 and sell it today you would lose (23,434) from holding SBF 120 or give up 4.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SBF 120 vs. Valneva SE
Performance |
| Timeline |
SBF 120 and Valneva SE Volatility Contrast
Predicted Return Density |
| Returns |
SBF 120
Pair trading matchups for SBF 120
Valneva SE
Pair trading matchups for Valneva SE
Pair Trading with SBF 120 and Valneva SE
The main advantage of trading using opposite SBF 120 and Valneva SE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SBF 120 position performs unexpectedly, Valneva SE 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 Valneva SE will offset losses from the drop in Valneva SE's long position.| SBF 120 vs. X Fab Silicon | SBF 120 vs. Axway Software | SBF 120 vs. Covivio Hotels | SBF 120 vs. Novatech Industries SA |
| Valneva SE vs. Biophytis SA | Valneva SE vs. Gensight Biologics SA | Valneva SE vs. OSE Pharma SA | Valneva SE vs. Abivax SA |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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