Estrella Immunopharma Correlations

ESLAW Stock

0.05 0.02 31.76%

The correlation of Estrella Immunopharma is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Estrella Immunopharma Correlation With Market

Good diversification

The correlation between Estrella Immunopharma and DJI is -0.11 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Estrella Immunopharma and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving against Estrella Stock

0.58	SHPH	Shuttle Pharmaceuticals	Pair Corr
0.57	UPC	Universe Pharmaceuticals	Pair Corr
0.54	INNV	InnovAge Holding Corp Earnings Call This Week	Pair Corr
0.52	AMGN	Amgen Inc Earnings Call This Week	Pair Corr
0.47	ABBV	AbbVie Inc Buyout Trend	Pair Corr
0.42	PNTG	Pennant Group	Pair Corr
0.41	JNJ	Johnson Johnson	Pair Corr
0.39	PFE	Pfizer Inc Earnings Call This Week	Pair Corr
0.39	ENSG	Ensign Group	Pair Corr
0.35	CPHI	China Pharma Holdings	Pair Corr
0.32	LLY	Eli Lilly Earnings Call This Week	Pair Corr
0.31	DERM	Journey Medical Corp Upward Rally	Pair Corr
0.49	301301	Yili Chuanning Biote	Pair Corr

Related Correlations Analysis

	CHMN	IMAB	TARS	BNTX	ANRO	ALDF	PKE	ELVA
CHMN		0.0	0.0	0.0	0.0	0.0	0.0	0.0	CHMN
IMAB	0.0		-0.67	-0.08	0.14	0.49	-0.28	-0.22	IMAB
TARS	0.0	-0.67		0.51	-0.14	-0.59	0.25	0.44	TARS
BNTX	0.0	-0.08	0.51		-0.03	-0.17	0.24	0.63	BNTX
ANRO	0.0	0.14	-0.14	-0.03		0.18	0.19	0.31	ANRO
ALDF	0.0	0.49	-0.59	-0.17	0.18		0.2	0.02	ALDF
PKE	0.0	-0.28	0.25	0.24	0.19	0.2		0.59	PKE
ELVA	0.0	-0.22	0.44	0.63	0.31	0.02	0.59		ELVA
	CHMN	IMAB	TARS	BNTX	ANRO	ALDF	PKE	ELVA

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

ELVA	+ 0.63	BNTX
ELVA	+ 0.59	PKE
BNTX	+ 0.51	TARS
ALDF	+ 0.49	IMAB
ELVA	+ 0.44	TARS
ELVA	+ 0.31	ANRO

High negative correlations

TARS	- 0.67	IMAB
ALDF	- 0.59	TARS
PKE	- 0.28	IMAB
ELVA	- 0.22	IMAB
ALDF	- 0.17	BNTX
ANRO	- 0.14	TARS

Risk-Adjusted Indicators

There is a big difference between Estrella Stock performing well and Estrella Immunopharma Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Estrella Immunopharma's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CHMN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
IMAB	3.06	(0.25)	0.00	(0.14)	0.00	0.00	6.86	(5.93)	24.15
TARS	2.29	0.49	0.13	(2.94)	2.61	(2.69)	5.47	(3.90)	21.35
BNTX	2.38	0.12	0.02	0.39	2.83	(2.62)	5.55	(4.92)	14.16
ANRO	3.59	0.08	(0.01)	(0.10)	3.87	(3.99)	8.07	(6.25)	21.33
ALDF	0.08	0.00	0.00	0.00	0.00	0.00	0.20	(0.20)	0.40
PKE	1.54	0.01	(0.01)	0.11	1.71	(1.84)	3.03	(3.01)	12.76
ELVA	3.04	0.26	0.06	0.50	3.55	(3.55)	8.52	(5.49)	25.67

Estrella Immunopharma Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Estrella Immunopharma stock to make a market-neutral strategy. Peer analysis of Estrella Immunopharma could also be used in its relative valuation, which is a method of valuing Estrella Immunopharma by comparing valuation metrics with similar companies.

Chester Mining I Mab Tarsus Pharmaceuticals BioNTech SE Alto Neuroscience, Aldel Financial II Park Electrochemical Electrovaya Common Shares American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp

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