Correlation Between SavvyLong NVDA and Clene
Can any of the company-specific risk be diversified away by investing in both SavvyLong NVDA and Clene 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 SavvyLong NVDA and Clene into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SavvyLong NVDA ETF and Clene Inc, you can compare the effects of market volatilities on SavvyLong NVDA and Clene 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 SavvyLong NVDA with a short position of Clene. Check out your portfolio center. Please also check ongoing floating volatility patterns of SavvyLong NVDA and Clene.
Diversification Opportunities for SavvyLong NVDA and Clene
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between SavvyLong and Clene is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding SavvyLong NVDA ETF and Clene Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Clene Inc and SavvyLong NVDA 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 SavvyLong NVDA ETF are associated (or correlated) with Clene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Clene Inc has no effect on the direction of SavvyLong NVDA i.e., SavvyLong NVDA and Clene go up and down completely randomly.
Pair Corralation between SavvyLong NVDA and Clene
Assuming the 90 days trading horizon SavvyLong NVDA ETF is expected to generate 0.55 times more return on investment than Clene. However, SavvyLong NVDA ETF is 1.82 times less risky than Clene. It trades about 0.11 of its potential returns per unit of risk. Clene Inc is currently generating about 0.06 per unit of risk. If you would invest 2,057 in SavvyLong NVDA ETF on August 21, 2025 and sell it today you would earn a total of 1,073 from holding SavvyLong NVDA ETF or generate 52.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 40.34% |
| Values | Daily Returns |
SavvyLong NVDA ETF vs. Clene Inc
Performance |
| Timeline |
| SavvyLong NVDA ETF |
| Clene Inc |
SavvyLong NVDA and Clene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SavvyLong NVDA and Clene
The main advantage of trading using opposite SavvyLong NVDA and Clene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SavvyLong NVDA position performs unexpectedly, Clene 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 Clene will offset losses from the drop in Clene's long position.| SavvyLong NVDA vs. SavvyLong AMZN ETF | SavvyLong NVDA vs. SavvyLong TSLA ETF | SavvyLong NVDA vs. SavvyLong MSFT ETF | SavvyLong NVDA vs. SavvyLong Geared Crude |
| Clene vs. MacroGenics | Clene vs. Ovid Therapeutics | Clene vs. Coya Therapeutics, Common | Clene vs. Oramed Pharmaceuticals |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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