Correlation Between TOYOTA and Genfit
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By analyzing existing cross correlation between TOYOTA 1125 18 JUN 26 and Genfit, you can compare the effects of market volatilities on TOYOTA 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 TOYOTA with a short position of Genfit. Check out your portfolio center. Please also check ongoing floating volatility patterns of TOYOTA and Genfit.
Diversification Opportunities for TOYOTA and Genfit
Modest diversification
The 3 months correlation between TOYOTA and Genfit is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding TOYOTA 1125 18 JUN 26 and Genfit in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genfit and TOYOTA 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 TOYOTA 1125 18 JUN 26 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 TOYOTA i.e., TOYOTA and Genfit go up and down completely randomly.
Pair Corralation between TOYOTA and Genfit
Assuming the 90 days trading horizon TOYOTA 1125 18 JUN 26 is expected to generate 0.31 times more return on investment than Genfit. However, TOYOTA 1125 18 JUN 26 is 3.25 times less risky than Genfit. It trades about -0.27 of its potential returns per unit of risk. Genfit is currently generating about -0.4 per unit of risk. If you would invest 9,459 in TOYOTA 1125 18 JUN 26 on September 12, 2024 and sell it today you would lose (504.00) from holding TOYOTA 1125 18 JUN 26 or give up 5.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
TOYOTA 1125 18 JUN 26 vs. Genfit
Performance |
| Timeline |
| TOYOTA 1125 18 |
| Genfit |
TOYOTA and Genfit Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TOYOTA and Genfit
The main advantage of trading using opposite TOYOTA and Genfit positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TOYOTA 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.| TOYOTA vs. Turning Point Brands | TOYOTA vs. American Axle Manufacturing | TOYOTA vs. Dana Inc | TOYOTA vs. Scandinavian Tobacco Group |
| 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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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