Correlation Between Catalyst Pharmaceuticals and Just Energy

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Can any of the company-specific risk be diversified away by investing in both Catalyst Pharmaceuticals and Just Energy 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 Catalyst Pharmaceuticals and Just Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Catalyst Pharmaceuticals and Just Energy Group, you can compare the effects of market volatilities on Catalyst Pharmaceuticals and Just Energy 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 Catalyst Pharmaceuticals with a short position of Just Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Catalyst Pharmaceuticals and Just Energy.

Diversification Opportunities for Catalyst Pharmaceuticals and Just Energy

CatalystJustDiversified AwayCatalystJustDiversified Away100%
0.0
  Correlation Coefficient

Pay attention - limited upside

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

Pair Corralation between Catalyst Pharmaceuticals and Just Energy

If you would invest  2,139  in Catalyst Pharmaceuticals on November 19, 2024 and sell it today you would earn a total of  188.00  from holding Catalyst Pharmaceuticals or generate 8.79% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Catalyst Pharmaceuticals  vs.  Just Energy Group

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb -15-10-50
JavaScript chart by amCharts 3.21.15CPRX JE
       Timeline  
Catalyst Pharmaceuticals 

Risk-Adjusted Performance

Modest

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Catalyst Pharmaceuticals are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. In spite of fairly unfluctuating basic indicators, Catalyst Pharmaceuticals may actually be approaching a critical reversion point that can send shares even higher in March 2025.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb2021222324
Just Energy Group 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Just Energy Group has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound technical and fundamental indicators, Just Energy is not utilizing all of its potentials. The recent stock price tumult, may contribute to shorter-term losses for the shareholders.

Catalyst Pharmaceuticals and Just Energy Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-9.56-7.21-4.86-2.51-0.162.194.546.899.2411.6 0.010.020.030.04
JavaScript chart by amCharts 3.21.15CPRX JE
       Returns  

Pair Trading with Catalyst Pharmaceuticals and Just Energy

The main advantage of trading using opposite Catalyst Pharmaceuticals and Just Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Catalyst Pharmaceuticals position performs unexpectedly, Just Energy 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 Just Energy will offset losses from the drop in Just Energy's long position.
The idea behind Catalyst Pharmaceuticals and Just Energy Group 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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.

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