Correlation Between CureVac NV and Novavax
Can any of the company-specific risk be diversified away by investing in both CureVac NV and Novavax 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 CureVac NV and Novavax into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CureVac NV and Novavax, you can compare the effects of market volatilities on CureVac NV and Novavax 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 CureVac NV with a short position of Novavax. Check out your portfolio center. Please also check ongoing floating volatility patterns of CureVac NV and Novavax.
Diversification Opportunities for CureVac NV and Novavax
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between CureVac and Novavax is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding CureVac NV and Novavax in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Novavax and CureVac NV 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 CureVac NV are associated (or correlated) with Novavax. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Novavax has no effect on the direction of CureVac NV i.e., CureVac NV and Novavax go up and down completely randomly.
Pair Corralation between CureVac NV and Novavax
Given the investment horizon of 90 days CureVac NV is expected to generate 1.1 times more return on investment than Novavax. However, CureVac NV is 1.1 times more volatile than Novavax. It trades about 0.11 of its potential returns per unit of risk. Novavax is currently generating about 0.05 per unit of risk. If you would invest 407.00 in CureVac NV on June 11, 2025 and sell it today you would earn a total of 128.00 from holding CureVac NV or generate 31.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CureVac NV vs. Novavax
Performance |
| Timeline |
| CureVac NV |
| Novavax |
CureVac NV and Novavax Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CureVac NV and Novavax
The main advantage of trading using opposite CureVac NV and Novavax positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CureVac NV position performs unexpectedly, Novavax 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 Novavax will offset losses from the drop in Novavax's long position.| CureVac NV vs. Jutal Offshore Oil | CureVac NV vs. Cimpress NV | CureVac NV vs. SBM Offshore NV | CureVac NV vs. ZhongAn Online P |
| Novavax vs. Moderna | Novavax vs. Inovio Pharmaceuticals | Novavax vs. BioNTech SE | Novavax vs. AstraZeneca PLC ADR |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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