Correlation Between CRISPR Therapeutics and FIRST NATIONAL

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Can any of the company-specific risk be diversified away by investing in both CRISPR Therapeutics and FIRST NATIONAL at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining CRISPR Therapeutics and FIRST NATIONAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CRISPR Therapeutics AG and FIRST NATIONAL FIN, you can compare the effects of market volatilities on CRISPR Therapeutics and FIRST NATIONAL 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 CRISPR Therapeutics with a short position of FIRST NATIONAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of CRISPR Therapeutics and FIRST NATIONAL.

Diversification Opportunities for CRISPR Therapeutics and FIRST NATIONAL

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  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between CRISPR and FIRST is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CRISPR Therapeutics AG and FIRST NATIONAL FIN in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FIRST NATIONAL FIN and CRISPR Therapeutics 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 CRISPR Therapeutics AG are associated (or correlated) with FIRST NATIONAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FIRST NATIONAL FIN has no effect on the direction of CRISPR Therapeutics i.e., CRISPR Therapeutics and FIRST NATIONAL go up and down completely randomly.

Pair Corralation between CRISPR Therapeutics and FIRST NATIONAL

If you would invest  2,110  in FIRST NATIONAL FIN on October 11, 2024 and sell it today you would earn a total of  510.00  from holding FIRST NATIONAL FIN or generate 24.17% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy99.8%
ValuesDaily Returns

CRISPR Therapeutics AG  vs.  FIRST NATIONAL FIN

 Performance 
       Timeline  
CRISPR Therapeutics 

Risk-Adjusted Performance

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Over the last 90 days CRISPR Therapeutics AG has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable basic indicators, CRISPR Therapeutics is not utilizing all of its potentials. The newest stock price uproar, may contribute to short-horizon losses for the private investors.
FIRST NATIONAL FIN 

Risk-Adjusted Performance

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Weak
 
Strong
Insignificant
Compared to the overall equity markets, risk-adjusted returns on investments in FIRST NATIONAL FIN are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. Despite nearly unsteady basic indicators, FIRST NATIONAL may actually be approaching a critical reversion point that can send shares even higher in February 2025.

CRISPR Therapeutics and FIRST NATIONAL Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with CRISPR Therapeutics and FIRST NATIONAL

The main advantage of trading using opposite CRISPR Therapeutics and FIRST NATIONAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CRISPR Therapeutics position performs unexpectedly, FIRST NATIONAL 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 FIRST NATIONAL will offset losses from the drop in FIRST NATIONAL's long position.
The idea behind CRISPR Therapeutics AG and FIRST NATIONAL FIN pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.

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