Correlation Between Novavax and AppYea

Can any of the company-specific risk be diversified away by investing in both Novavax and AppYea 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 Novavax and AppYea into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Novavax and AppYea Inc, you can compare the effects of market volatilities on Novavax and AppYea 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 Novavax with a short position of AppYea. Check out your portfolio center. Please also check ongoing floating volatility patterns of Novavax and AppYea.

Diversification Opportunities for Novavax and AppYea

0.05

Correlation Coefficient

Novavax  AppYea

Significant diversification

The 3 months correlation between Novavax and AppYea is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Novavax and AppYea Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AppYea Inc and Novavax 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 Novavax are associated (or correlated) with AppYea. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AppYea Inc has no effect on the direction of Novavax i.e., Novavax and AppYea go up and down completely randomly.

Pair Corralation between Novavax and AppYea

Given the investment horizon of 90 days Novavax is expected to generate 0.42 times more return on investment than AppYea. However, Novavax is 2.4 times less risky than AppYea. It trades about -0.06 of its potential returns per unit of risk. AppYea Inc is currently generating about -0.1 per unit of risk. If you would invest  763.00  in Novavax on August 21, 2025 and sell it today you would lose (106.00) from holding Novavax or give up 13.89% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

Novavax  vs.  AppYea Inc

Novavax

Risk-Adjusted Performance

Weakest

Over the last 90 days Novavax has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest unsteady performance, the Stock's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the company investors.

AppYea Inc

Risk-Adjusted Performance

Weakest

Over the last 90 days AppYea Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Even with unsteady performance in the last few months, the Stock's basic indicators remain relatively invariable which may send shares a bit higher in December 2025. The latest agitation may also be a sign of long-running up-swing for the enterprise retail investors.

Pair Trading with Novavax and AppYea

The main advantage of trading using opposite Novavax and AppYea positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Novavax position performs unexpectedly, AppYea 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 AppYea will offset losses from the drop in AppYea's long position.

The idea behind Novavax and AppYea Inc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.