Correlation Between Quidel and Uniqure NV
Can any of the company-specific risk be diversified away by investing in both Quidel and Uniqure NV 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 Quidel and Uniqure NV into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Quidel and Uniqure NV, you can compare the effects of market volatilities on Quidel and Uniqure NV 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 Quidel with a short position of Uniqure NV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Quidel and Uniqure NV.
Diversification Opportunities for Quidel and Uniqure NV
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Quidel and Uniqure is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Quidel and Uniqure NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Uniqure NV and Quidel 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 Quidel are associated (or correlated) with Uniqure NV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Uniqure NV has no effect on the direction of Quidel i.e., Quidel and Uniqure NV go up and down completely randomly.
Pair Corralation between Quidel and Uniqure NV
Given the investment horizon of 90 days Quidel is expected to generate 31.76 times less return on investment than Uniqure NV. But when comparing it to its historical volatility, Quidel is 6.54 times less risky than Uniqure NV. It trades about 0.02 of its potential returns per unit of risk. Uniqure NV is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 1,743 in Uniqure NV on September 6, 2025 and sell it today you would earn a total of 531.00 from holding Uniqure NV or generate 30.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Quidel vs. Uniqure NV
Performance |
| Timeline |
| Quidel |
| Uniqure NV |
Quidel and Uniqure NV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Quidel and Uniqure NV
The main advantage of trading using opposite Quidel and Uniqure NV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Quidel position performs unexpectedly, Uniqure NV 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 Uniqure NV will offset losses from the drop in Uniqure NV's long position.| Quidel vs. Jones Soda Co | Quidel vs. SBM Offshore NV | Quidel vs. Purple Beverage | Quidel vs. Fernhill Beverage |
| Uniqure NV vs. Tyson Foods | Uniqure NV vs. BG Foods | Uniqure NV vs. Astral Foods Limited | Uniqure NV vs. AG Mortgage Investment |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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