Passage Bio Correlations

PASG Stock

USD 9.32 0.42 4.72%

The correlation of Passage Bio 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.

Passage Bio Correlation With Market

Poor diversification

The correlation between Passage Bio and DJI is 0.64 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Passage Bio and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Passage Stock

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Passage Bio. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in producer price index.

For more detail on how to invest in Passage Stock please use our How to Invest in Passage Bio guide.

Moving together with Passage Stock

0.66	63E	ONWARD MEDICAL BV	Pair Corr
0.72	IMMP	Immutep Ltd ADR	Pair Corr
0.81	MRKR	Marker Therapeutics	Pair Corr
0.78	RCKT	Rocket Pharmaceuticals	Pair Corr
0.65	BOLT	Bolt Biotherapeutics	Pair Corr

Moving against Passage Stock

0.63	GNLX	Genelux Common	Pair Corr
0.62	DWTX	Dogwood Therapeutics	Pair Corr
0.58	IMRN	Immuron Ltd ADR	Pair Corr
0.47	EDIT	Editas Medicine	Pair Corr
0.4	ABP	Abpro Holdings Buyout Trend	Pair Corr
0.38	KURA	Kura Oncology	Pair Corr
0.35	QSI	QuantumSi	Pair Corr
0.35	LYRA	Lyra Therapeutics	Pair Corr
0.31	JUMP	Leveljump Healthcare Corp	Pair Corr
0.6	MREO	Mereo BioPharma Group	Pair Corr
0.56	ALDX	Aldeyra	Pair Corr
0.54	ACXP	Acurx Pharmaceuticals LLC	Pair Corr
0.43	AURA	Aura Biosciences	Pair Corr
0.34	PRQR	ProQR Therapeutics	Pair Corr

Related Correlations Analysis

	NCNA	MTVA	LSTA	ALLR	GDTC	ENLV	CING	CLGN	XCUR	CASI
NCNA		0.76	-0.82	0.7	0.68	-0.29	-0.79	0.57	0.3	0.1	NCNA
MTVA	0.76		-0.84	0.39	0.79	-0.58	-0.84	0.36	0.14	0.09	MTVA
LSTA	-0.82	-0.84		-0.53	-0.68	0.61	0.79	-0.32	-0.34	-0.07	LSTA
ALLR	0.7	0.39	-0.53		0.36	-0.08	-0.52	0.58	0.14	0.38	ALLR
GDTC	0.68	0.79	-0.68	0.36		-0.19	-0.85	0.54	-0.25	0.44	GDTC
ENLV	-0.29	-0.58	0.61	-0.08	-0.19		0.41	0.13	-0.38	0.33	ENLV
CING	-0.79	-0.84	0.79	-0.52	-0.85	0.41		-0.66	0.01	-0.31	CING
CLGN	0.57	0.36	-0.32	0.58	0.54	0.13	-0.66		-0.3	0.55	CLGN
XCUR	0.3	0.14	-0.34	0.14	-0.25	-0.38	0.01	-0.3		-0.63	XCUR
CASI	0.1	0.09	-0.07	0.38	0.44	0.33	-0.31	0.55	-0.63		CASI
	NCNA	MTVA	LSTA	ALLR	GDTC	ENLV	CING	CLGN	XCUR	CASI

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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

GDTC	+ 0.79	MTVA
CING	+ 0.79	LSTA
MTVA	+ 0.76	NCNA
ALLR	+ 0.7	NCNA
GDTC	+ 0.68	NCNA
ENLV	+ 0.61	LSTA

High negative correlations

CING	- 0.85	GDTC
CING	- 0.84	MTVA
LSTA	- 0.84	MTVA
LSTA	- 0.82	NCNA
CING	- 0.79	NCNA
GDTC	- 0.68	LSTA

Risk-Adjusted Indicators

There is a big difference between Passage Stock performing well and Passage Bio 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 Passage Bio'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
NCNA	3.33	(0.88)	0.00	(0.39)	0.00	0.00	6.53	(7.92)	20.76
MTVA	7.48	(2.15)	0.00	21.52	0.00	0.00	11.60	(20.10)	79.95
LSTA	4.03	1.26	0.37	1.44	2.44	(5.67)	5.58	(4.37)	88.91
ALLR	3.81	(0.43)	0.00	(0.21)	0.00	0.00	7.07	(7.48)	19.54
GDTC	4.17	(0.82)	0.00	29.17	0.00	0.00	8.33	(10.38)	34.75
ENLV	4.00	0.25	0.05	0.35	4.38	(5.23)	8.57	(8.16)	24.21
CING	3.66	0.85	0.18	0.55	4.45	(3.90)	8.45	(6.75)	24.88
CLGN	4.98	(1.36)	0.00	(0.65)	0.00	0.00	8.61	(8.72)	77.60
XCUR	6.03	0.68	0.05	(0.35)	8.47	(6.77)	21.22	(11.88)	63.80
CASI	3.69	(0.72)	0.00	(0.76)	0.00	0.00	5.10	(7.69)	32.11

Passage Bio Corporate Management

Sue Browne	Senior Development	Profile
Simona King	CFO Sec	Profile
JD Esq	General Secretary	Profile
Gregory Fuest	Vice Marketing	Profile
MSc MBA	Chief Officer	Profile
Kathleen Borthwick	Principal Finance	Profile

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