Correlation Between BIOGEN and Genfit
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By analyzing existing cross correlation between BIOGEN INC 405 and Genfit, you can compare the effects of market volatilities on BIOGEN and Genfit 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 BIOGEN with a short position of Genfit. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIOGEN and Genfit.
Diversification Opportunities for BIOGEN and Genfit
Weak diversification
The 3 months correlation between BIOGEN and Genfit is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding BIOGEN INC 405 and Genfit in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genfit and BIOGEN 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 BIOGEN INC 405 are associated (or correlated) with Genfit. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genfit has no effect on the direction of BIOGEN i.e., BIOGEN and Genfit go up and down completely randomly.
Pair Corralation between BIOGEN and Genfit
Assuming the 90 days trading horizon BIOGEN is expected to generate 74.45 times less return on investment than Genfit. But when comparing it to its historical volatility, BIOGEN INC 405 is 11.66 times less risky than Genfit. It trades about 0.0 of its potential returns per unit of risk. Genfit is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 372.00 in Genfit on September 12, 2024 and sell it today you would earn a total of 22.00 from holding Genfit or generate 5.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
BIOGEN INC 405 vs. Genfit
Performance |
| Timeline |
| BIOGEN INC 405 |
| Genfit |
BIOGEN and Genfit Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BIOGEN and Genfit
The main advantage of trading using opposite BIOGEN and Genfit positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIOGEN position performs unexpectedly, Genfit 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 Genfit will offset losses from the drop in Genfit's long position.| BIOGEN vs. Genfit | BIOGEN vs. RCI Hospitality Holdings | BIOGEN vs. Apogee Therapeutics, Common | BIOGEN vs. Shake Shack |
| Genfit vs. Eliem Therapeutics | Genfit vs. HCW Biologics | Genfit vs. Molecular Partners AG | Genfit vs. MediciNova |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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