Correlation Between NovAccess Global and Vaxxinity
Can any of the company-specific risk be diversified away by investing in both NovAccess Global and Vaxxinity 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 NovAccess Global and Vaxxinity into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NovAccess Global and Vaxxinity, you can compare the effects of market volatilities on NovAccess Global and Vaxxinity 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 NovAccess Global with a short position of Vaxxinity. Check out your portfolio center. Please also check ongoing floating volatility patterns of NovAccess Global and Vaxxinity.
Diversification Opportunities for NovAccess Global and Vaxxinity
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between NovAccess and Vaxxinity is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding NovAccess Global and Vaxxinity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vaxxinity and NovAccess Global 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 NovAccess Global are associated (or correlated) with Vaxxinity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vaxxinity has no effect on the direction of NovAccess Global i.e., NovAccess Global and Vaxxinity go up and down completely randomly.
Pair Corralation between NovAccess Global and Vaxxinity
Given the investment horizon of 90 days NovAccess Global is expected to generate 93.89 times less return on investment than Vaxxinity. But when comparing it to its historical volatility, NovAccess Global is 16.83 times less risky than Vaxxinity. It trades about 0.07 of its potential returns per unit of risk. Vaxxinity is currently generating about 0.39 of returns per unit of risk over similar time horizon. If you would invest 3.00 in Vaxxinity on August 24, 2025 and sell it today you would lose (1.50) from holding Vaxxinity or give up 50.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 98.46% |
| Values | Daily Returns |
NovAccess Global vs. Vaxxinity
Performance |
| Timeline |
| NovAccess Global |
| Vaxxinity |
NovAccess Global and Vaxxinity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NovAccess Global and Vaxxinity
The main advantage of trading using opposite NovAccess Global and Vaxxinity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NovAccess Global position performs unexpectedly, Vaxxinity 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 Vaxxinity will offset losses from the drop in Vaxxinity's long position.| NovAccess Global vs. Novo Nordisk AS | NovAccess Global vs. Novo Nordisk AS | NovAccess Global vs. Vertex Pharmaceuticals | NovAccess Global vs. Regeneron Pharmaceuticals |
| Vaxxinity vs. PaxMedica, Common Stock | Vaxxinity vs. Orphazyme AS | Vaxxinity vs. NovAccess Global | Vaxxinity vs. Trevena |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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