Correlation Between 37940XAN2 and Abcellera Biologics
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By analyzing existing cross correlation between GPN 53 15 AUG 29 and Abcellera Biologics, you can compare the effects of market volatilities on 37940XAN2 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 37940XAN2 with a short position of Abcellera Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of 37940XAN2 and Abcellera Biologics.
Diversification Opportunities for 37940XAN2 and Abcellera Biologics
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between 37940XAN2 and Abcellera is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding GPN 53 15 AUG 29 and Abcellera Biologics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Abcellera Biologics and 37940XAN2 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 GPN 53 15 AUG 29 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 37940XAN2 i.e., 37940XAN2 and Abcellera Biologics go up and down completely randomly.
Pair Corralation between 37940XAN2 and Abcellera Biologics
Assuming the 90 days trading horizon GPN 53 15 AUG 29 is expected to generate 0.13 times more return on investment than Abcellera Biologics. However, GPN 53 15 AUG 29 is 7.45 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 -0.05 per unit of risk. If you would invest 9,776 in GPN 53 15 AUG 29 on September 2, 2024 and sell it today you would earn a total of 197.00 from holding GPN 53 15 AUG 29 or generate 2.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.12% |
| Values | Daily Returns |
GPN 53 15 AUG 29 vs. Abcellera Biologics
Performance |
| Timeline |
| GPN 53 15 |
| Abcellera Biologics |
37940XAN2 and Abcellera Biologics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 37940XAN2 and Abcellera Biologics
The main advantage of trading using opposite 37940XAN2 and Abcellera Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 37940XAN2 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.| 37940XAN2 vs. Eastern Co | 37940XAN2 vs. Postal Realty Trust | 37940XAN2 vs. Mativ Holdings | 37940XAN2 vs. Suntory Beverage Food |
| Abcellera Biologics vs. Tff Pharmaceuticals | Abcellera Biologics vs. Eliem Therapeutics | Abcellera Biologics vs. Inhibrx | Abcellera Biologics vs. Enliven Therapeutics |
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 Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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