Correlation Between 80281LAQ8 and Genfit
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By analyzing existing cross correlation between SANTANDER UK GROUP and Genfit, you can compare the effects of market volatilities on 80281LAQ8 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 80281LAQ8 with a short position of Genfit. Check out your portfolio center. Please also check ongoing floating volatility patterns of 80281LAQ8 and Genfit.
Diversification Opportunities for 80281LAQ8 and Genfit
Weak diversification
The 3 months correlation between 80281LAQ8 and Genfit is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding SANTANDER UK GROUP and Genfit in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genfit and 80281LAQ8 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 SANTANDER UK GROUP 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 80281LAQ8 i.e., 80281LAQ8 and Genfit go up and down completely randomly.
Pair Corralation between 80281LAQ8 and Genfit
Assuming the 90 days trading horizon SANTANDER UK GROUP is expected to generate 15.81 times more return on investment than Genfit. However, 80281LAQ8 is 15.81 times more volatile than Genfit. It trades about 0.06 of its potential returns per unit of risk. Genfit is currently generating about 0.02 per unit of risk. If you would invest 8,652 in SANTANDER UK GROUP on September 4, 2024 and sell it today you would earn a total of 679.00 from holding SANTANDER UK GROUP or generate 7.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 65.15% |
| Values | Daily Returns |
SANTANDER UK GROUP vs. Genfit
Performance |
| Timeline |
| SANTANDER UK GROUP |
| Genfit |
80281LAQ8 and Genfit Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 80281LAQ8 and Genfit
The main advantage of trading using opposite 80281LAQ8 and Genfit positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 80281LAQ8 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.| 80281LAQ8 vs. Kaltura | 80281LAQ8 vs. Cadence Design Systems | 80281LAQ8 vs. Microbot Medical | 80281LAQ8 vs. The Joint Corp |
| Genfit vs. Candel Therapeutics | Genfit vs. Cingulate Warrants | Genfit vs. Unicycive Therapeutics | Genfit vs. Cardio Diagnostics Holdings |
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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