Correlation Between Valneva SE and NetFlix
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By analyzing existing cross correlation between Valneva SE ADR and NetFlix 4875 percent, you can compare the effects of market volatilities on Valneva SE and NetFlix 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 Valneva SE with a short position of NetFlix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Valneva SE and NetFlix.
Diversification Opportunities for Valneva SE and NetFlix
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Valneva and NetFlix is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Valneva SE ADR and NetFlix 4875 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NetFlix 4875 percent and Valneva SE 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 Valneva SE ADR are associated (or correlated) with NetFlix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NetFlix 4875 percent has no effect on the direction of Valneva SE i.e., Valneva SE and NetFlix go up and down completely randomly.
Pair Corralation between Valneva SE and NetFlix
Given the investment horizon of 90 days Valneva SE ADR is expected to generate 31.69 times more return on investment than NetFlix. However, Valneva SE is 31.69 times more volatile than NetFlix 4875 percent. It trades about 0.3 of its potential returns per unit of risk. NetFlix 4875 percent is currently generating about 0.09 per unit of risk. If you would invest 485.00 in Valneva SE ADR on November 27, 2024 and sell it today you would earn a total of 256.00 from holding Valneva SE ADR or generate 52.78% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 95.24% |
Values | Daily Returns |
Valneva SE ADR vs. NetFlix 4875 percent
Performance |
Timeline |
Valneva SE ADR |
NetFlix 4875 percent |
Valneva SE and NetFlix Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Valneva SE and NetFlix
The main advantage of trading using opposite Valneva SE and NetFlix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Valneva SE position performs unexpectedly, NetFlix 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 NetFlix will offset losses from the drop in NetFlix's long position.Valneva SE vs. NuCana PLC | ||
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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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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