Correlation Between 191216CQ1 and Abcellera Biologics
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By analyzing existing cross correlation between US191216CQ13 and Abcellera Biologics, you can compare the effects of market volatilities on 191216CQ1 and Abcellera Biologics 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 191216CQ1 with a short position of Abcellera Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of 191216CQ1 and Abcellera Biologics.
Diversification Opportunities for 191216CQ1 and Abcellera Biologics
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 191216CQ1 and Abcellera is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding US191216CQ13 and Abcellera Biologics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Abcellera Biologics and 191216CQ1 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 US191216CQ13 are associated (or correlated) with Abcellera Biologics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Abcellera Biologics has no effect on the direction of 191216CQ1 i.e., 191216CQ1 and Abcellera Biologics go up and down completely randomly.
Pair Corralation between 191216CQ1 and Abcellera Biologics
Assuming the 90 days trading horizon US191216CQ13 is expected to generate 0.59 times more return on investment than Abcellera Biologics. However, US191216CQ13 is 1.69 times less risky than Abcellera Biologics. It trades about 0.01 of its potential returns per unit of risk. Abcellera Biologics is currently generating about -0.06 per unit of risk. If you would invest 9,330 in US191216CQ13 on September 12, 2024 and sell it today you would lose (46.00) from holding US191216CQ13 or give up 0.49% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 76.7% |
| Values | Daily Returns |
US191216CQ13 vs. Abcellera Biologics
Performance |
| Timeline |
| US191216CQ13 |
| Abcellera Biologics |
191216CQ1 and Abcellera Biologics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 191216CQ1 and Abcellera Biologics
The main advantage of trading using opposite 191216CQ1 and Abcellera Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 191216CQ1 position performs unexpectedly, Abcellera Biologics 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 Abcellera Biologics will offset losses from the drop in Abcellera Biologics' long position.| 191216CQ1 vs. Chemours Co | 191216CQ1 vs. Mativ Holdings | 191216CQ1 vs. Eastman Chemical | 191216CQ1 vs. SBM Offshore NV |
| Abcellera Biologics vs. Hepion Pharmaceuticals | Abcellera Biologics vs. Krystal Biotech | Abcellera Biologics vs. CureVac NV | Abcellera Biologics vs. Vir Biotechnology |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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