Correlation Between CodeLab Capital and PCI Biotech
Can any of the company-specific risk be diversified away by investing in both CodeLab Capital and PCI Biotech 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 CodeLab Capital and PCI Biotech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CodeLab Capital AS and PCI Biotech Holding, you can compare the effects of market volatilities on CodeLab Capital and PCI Biotech 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 CodeLab Capital with a short position of PCI Biotech. Check out your portfolio center. Please also check ongoing floating volatility patterns of CodeLab Capital and PCI Biotech.
Diversification Opportunities for CodeLab Capital and PCI Biotech
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between CodeLab and PCI is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding CodeLab Capital AS and PCI Biotech Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PCI Biotech Holding and CodeLab Capital 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 CodeLab Capital AS are associated (or correlated) with PCI Biotech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PCI Biotech Holding has no effect on the direction of CodeLab Capital i.e., CodeLab Capital and PCI Biotech go up and down completely randomly.
Pair Corralation between CodeLab Capital and PCI Biotech
Assuming the 90 days trading horizon CodeLab Capital AS is expected to generate 1.04 times more return on investment than PCI Biotech. However, CodeLab Capital is 1.04 times more volatile than PCI Biotech Holding. It trades about 0.05 of its potential returns per unit of risk. PCI Biotech Holding is currently generating about -0.07 per unit of risk. If you would invest 246.00 in CodeLab Capital AS on November 29, 2025 and sell it today you would earn a total of 19.00 from holding CodeLab Capital AS or generate 7.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.33% |
| Values | Daily Returns |
CodeLab Capital AS vs. PCI Biotech Holding
Performance |
| Timeline |
| CodeLab Capital AS |
| PCI Biotech Holding |
CodeLab Capital and PCI Biotech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CodeLab Capital and PCI Biotech
The main advantage of trading using opposite CodeLab Capital and PCI Biotech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CodeLab Capital position performs unexpectedly, PCI Biotech 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 PCI Biotech will offset losses from the drop in PCI Biotech's long position.| CodeLab Capital vs. Melhus Sparebank | CodeLab Capital vs. Aasen Sparebank | CodeLab Capital vs. Trndelag Sparebank | CodeLab Capital vs. Sogn Sparebank |
| PCI Biotech vs. Lytix Biopharma AS | PCI Biotech vs. Hofseth Biocare ASA | PCI Biotech vs. Nykode Therapeutics ASA | PCI Biotech vs. ContextVision AB |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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