Correlation Analysis Between Galapagos and Dynavax Technologies

This module allows you to analyze existing cross correlation between Galapagos NV and Dynavax Technologies Corporatio. You can compare the effects of market volatilities on Galapagos and Dynavax Technologies 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 Galapagos with a short position of Dynavax Technologies. See also your portfolio center. Please also check ongoing floating volatility patterns of Galapagos and Dynavax Technologies.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

Galapagos NV  
1515

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Galapagos NV are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days. In spite of rather fragile fundamental drivers, Galapagos exhibited solid returns over the last few months and may actually be approaching a breakup point.
Dynavax Technologies  
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Dynavax Technologies Corporatio are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. Inspite fairly fragile basic indicators, Dynavax Technologies showed solid returns over the last few months and may actually be approaching a breakup point.

Galapagos and Dynavax Technologies Volatility Contrast

 Predicted Return Density 
      Returns 

Galapagos NV  vs.  Dynavax Technologies Corporati

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Galapagos is expected to generate 1.24 times less return on investment than Dynavax Technologies. But when comparing it to its historical volatility, Galapagos NV is 2.15 times less risky than Dynavax Technologies. It trades about 0.22 of its potential returns per unit of risk. Dynavax Technologies Corporatio is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest  485.00  in Dynavax Technologies Corporatio on November 10, 2019 and sell it today you would earn a total of  174.00  from holding Dynavax Technologies Corporatio or generate 35.88% return on investment over 30 days.

Pair Corralation between Galapagos and Dynavax Technologies

0.91
Time Period3 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Galapagos and Dynavax Technologies

Galapagos NV diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Galapagos NV and Dynavax Technologies Corporati in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Dynavax Technologies and Galapagos 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 Galapagos NV are associated (or correlated) with Dynavax Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dynavax Technologies has no effect on the direction of Galapagos i.e. Galapagos and Dynavax Technologies go up and down completely randomly.
See also your portfolio center. Please also try Pair Correlation module to compare performance and examine historical correlation between any two equity instruments.


 
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