Correlation Between KEURIG and Valneva SE
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By analyzing existing cross correlation between KEURIG DR PEPPER and Valneva SE ADR, you can compare the effects of market volatilities on KEURIG and Valneva SE 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 KEURIG with a short position of Valneva SE. Check out your portfolio center. Please also check ongoing floating volatility patterns of KEURIG and Valneva SE.
Diversification Opportunities for KEURIG and Valneva SE
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between KEURIG and Valneva is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding KEURIG DR PEPPER and Valneva SE ADR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Valneva SE ADR and KEURIG 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 KEURIG DR PEPPER are associated (or correlated) with Valneva SE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Valneva SE ADR has no effect on the direction of KEURIG i.e., KEURIG and Valneva SE go up and down completely randomly.
Pair Corralation between KEURIG and Valneva SE
Assuming the 90 days trading horizon KEURIG DR PEPPER is expected to under-perform the Valneva SE. But the bond apears to be less risky and, when comparing its historical volatility, KEURIG DR PEPPER is 3.56 times less risky than Valneva SE. The bond trades about -0.08 of its potential returns per unit of risk. The Valneva SE ADR is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 442.00 in Valneva SE ADR on October 22, 2024 and sell it today you would lose (5.00) from holding Valneva SE ADR or give up 1.13% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 90.0% |
Values | Daily Returns |
KEURIG DR PEPPER vs. Valneva SE ADR
Performance |
Timeline |
KEURIG DR PEPPER |
Valneva SE ADR |
KEURIG and Valneva SE Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with KEURIG and Valneva SE
The main advantage of trading using opposite KEURIG and Valneva SE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KEURIG position performs unexpectedly, Valneva SE 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 Valneva SE will offset losses from the drop in Valneva SE's long position.KEURIG vs. Sinclair Broadcast Group | KEURIG vs. Air Lease | KEURIG vs. Pentair PLC | KEURIG vs. Mesa Air Group |
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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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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