Correlation Between Greenwich Lifesciences and Inovio Pharmaceuticals
Can any of the company-specific risk be diversified away by investing in both Greenwich Lifesciences and Inovio Pharmaceuticals 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 Greenwich Lifesciences and Inovio Pharmaceuticals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Greenwich Lifesciences and Inovio Pharmaceuticals, you can compare the effects of market volatilities on Greenwich Lifesciences and Inovio Pharmaceuticals 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 Greenwich Lifesciences with a short position of Inovio Pharmaceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Greenwich Lifesciences and Inovio Pharmaceuticals.
Diversification Opportunities for Greenwich Lifesciences and Inovio Pharmaceuticals
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Greenwich and Inovio is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Greenwich Lifesciences and Inovio Pharmaceuticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inovio Pharmaceuticals and Greenwich Lifesciences 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 Greenwich Lifesciences are associated (or correlated) with Inovio Pharmaceuticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inovio Pharmaceuticals has no effect on the direction of Greenwich Lifesciences i.e., Greenwich Lifesciences and Inovio Pharmaceuticals go up and down completely randomly.
Pair Corralation between Greenwich Lifesciences and Inovio Pharmaceuticals
Given the investment horizon of 90 days Greenwich Lifesciences is expected to under-perform the Inovio Pharmaceuticals. But the stock apears to be less risky and, when comparing its historical volatility, Greenwich Lifesciences is 1.65 times less risky than Inovio Pharmaceuticals. The stock trades about -0.16 of its potential returns per unit of risk. The Inovio Pharmaceuticals is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 162.00 in Inovio Pharmaceuticals on August 14, 2025 and sell it today you would earn a total of 38.50 from holding Inovio Pharmaceuticals or generate 23.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Greenwich Lifesciences vs. Inovio Pharmaceuticals
Performance |
| Timeline |
| Greenwich Lifesciences |
| Inovio Pharmaceuticals |
Greenwich Lifesciences and Inovio Pharmaceuticals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Greenwich Lifesciences and Inovio Pharmaceuticals
The main advantage of trading using opposite Greenwich Lifesciences and Inovio Pharmaceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Greenwich Lifesciences position performs unexpectedly, Inovio Pharmaceuticals 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 Inovio Pharmaceuticals will offset losses from the drop in Inovio Pharmaceuticals' long position.| Greenwich Lifesciences vs. Cognition Therapeutics | Greenwich Lifesciences vs. Atossa Genetics | Greenwich Lifesciences vs. Tevogen Bio Holdings | Greenwich Lifesciences vs. Oncolytics Biotech |
| Inovio Pharmaceuticals vs. Acumen Pharmaceuticals | Inovio Pharmaceuticals vs. Opus Genetics, | Inovio Pharmaceuticals vs. Agenus Inc | Inovio Pharmaceuticals vs. Seer Inc |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |