Correlation Between Soligenix and Celyad SA
Can any of the company-specific risk be diversified away by investing in both Soligenix and Celyad SA 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 Soligenix and Celyad SA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Soligenix and Celyad SA, you can compare the effects of market volatilities on Soligenix and Celyad SA 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 Soligenix with a short position of Celyad SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Soligenix and Celyad SA.
Diversification Opportunities for Soligenix and Celyad SA
Pay attention - limited upside
The 3 months correlation between Soligenix and Celyad is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Soligenix and Celyad SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Celyad SA and Soligenix 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 Soligenix are associated (or correlated) with Celyad SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Celyad SA has no effect on the direction of Soligenix i.e., Soligenix and Celyad SA go up and down completely randomly.
Pair Corralation between Soligenix and Celyad SA
If you would invest 1,264 in Soligenix on December 2, 2024 and sell it today you would lose (1,033) from holding Soligenix or give up 81.72% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Soligenix vs. Celyad SA
Performance |
| Timeline |
| Soligenix |
| Celyad SA |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Soligenix and Celyad SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Soligenix and Celyad SA
The main advantage of trading using opposite Soligenix and Celyad SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Soligenix position performs unexpectedly, Celyad SA 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 Celyad SA will offset losses from the drop in Celyad SA's long position.| Soligenix vs. Zura Bio Limited | ||
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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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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