Correlation Between Sellas Life and REPUBLIC

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Can any of the company-specific risk be diversified away by investing in both Sellas Life and REPUBLIC 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 Sellas Life and REPUBLIC into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sellas Life Sciences and REPUBLIC SERVICES INC, you can compare the effects of market volatilities on Sellas Life and REPUBLIC 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 Sellas Life with a short position of REPUBLIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sellas Life and REPUBLIC.

Diversification Opportunities for Sellas Life and REPUBLIC

0.37
  Correlation Coefficient

Weak diversification

The 3 months correlation between Sellas and REPUBLIC is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Sellas Life Sciences and REPUBLIC SERVICES INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on REPUBLIC SERVICES INC and Sellas Life 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 Sellas Life Sciences are associated (or correlated) with REPUBLIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of REPUBLIC SERVICES INC has no effect on the direction of Sellas Life i.e., Sellas Life and REPUBLIC go up and down completely randomly.

Pair Corralation between Sellas Life and REPUBLIC

Considering the 90-day investment horizon Sellas Life Sciences is expected to generate 9.89 times more return on investment than REPUBLIC. However, Sellas Life is 9.89 times more volatile than REPUBLIC SERVICES INC. It trades about 0.01 of its potential returns per unit of risk. REPUBLIC SERVICES INC is currently generating about 0.0 per unit of risk. If you would invest  250.00  in Sellas Life Sciences on September 2, 2024 and sell it today you would lose (137.00) from holding Sellas Life Sciences or give up 54.8% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Weak
Accuracy99.19%
ValuesDaily Returns

Sellas Life Sciences  vs.  REPUBLIC SERVICES INC

 Performance 
       Timeline  
Sellas Life Sciences 

Risk-Adjusted Performance

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Very Weak
Over the last 90 days Sellas Life Sciences has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest weak performance, the Stock's essential indicators remain stable and the newest uproar on Wall Street may also be a sign of mid-term gains for the firm private investors.
REPUBLIC SERVICES INC 

Risk-Adjusted Performance

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Weak
 
Strong
Very Weak
Over the last 90 days REPUBLIC SERVICES INC has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, REPUBLIC is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short-term losses for the investors.

Sellas Life and REPUBLIC Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Sellas Life and REPUBLIC

The main advantage of trading using opposite Sellas Life and REPUBLIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sellas Life position performs unexpectedly, REPUBLIC 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 REPUBLIC will offset losses from the drop in REPUBLIC's long position.
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The idea behind Sellas Life Sciences and REPUBLIC SERVICES INC pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.

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