Zymeworks Common Correlations

ZYME Stock

USD 14.09 0.33 2.29%

The current 90-days correlation between Zymeworks Common Stock and Day One Biopharmaceuticals is 0.38 (i.e., Weak diversification). The correlation of Zymeworks Common 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.

Zymeworks Common Correlation With Market

Modest diversification

The correlation between Zymeworks Common Stock and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Zymeworks Common Stock and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Zymeworks Common Stock. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Zymeworks Stock

0.72	VCYT	Veracyte	Pair Corr
0.79	VERA	Vera Therapeutics	Pair Corr
0.72	DRUG	Bright Minds Biosciences Trending	Pair Corr
0.76	DSGN	Design Therapeutics	Pair Corr
0.7	SABSW	SAB Biotherapeutics	Pair Corr
0.82	DVAX	Dynavax Technologies	Pair Corr
0.83	VRNA	Verona Pharma PLC	Pair Corr
0.81	VSTM	Verastem Trending	Pair Corr

Moving against Zymeworks Stock

0.7	VALN	Valneva SE ADR	Pair Corr
0.67	ME	23Andme Holding Upward Rally	Pair Corr
0.55	DRMA	Dermata Therapeutics	Pair Corr
0.49	DOMH	Dominari Holdings	Pair Corr
0.47	DRRX	Durect	Pair Corr
0.45	A	Agilent Technologies Sell-off Trend	Pair Corr
0.39	VCNX	Vaccinex	Pair Corr
0.37	EQ	Equillium	Pair Corr
0.81	VRCA	Verrica Pharmaceuticals	Pair Corr
0.75	VINC	Vincerx Pharma	Pair Corr
0.71	VIRX	Viracta Therapeutics	Pair Corr
0.67	DTIL	Precision BioSciences	Pair Corr
0.56	CDTTW	Conduit Pharmaceuticals	Pair Corr
0.49	VTGN	VistaGen Therapeutics	Pair Corr
0.47	VRAX	Virax Biolabs Group	Pair Corr

Related Correlations Analysis

	DAWN	INZY	ZNTL	SNDX	PTGX	RVMD	BPMC	STOK	CYTK	RLAY
DAWN		0.09	0.24	0.56	0.53	0.32	0.26	0.22	0.39	0.11	DAWN
INZY	0.09		-0.01	0.58	0.33	-0.82	-0.53	0.48	0.55	0.84	INZY
ZNTL	0.24	-0.01		-0.02	0.06	0.14	0.5	0.33	0.25	0.19	ZNTL
SNDX	0.56	0.58	-0.02		0.43	-0.27	0.03	0.36	0.59	0.41	SNDX
PTGX	0.53	0.33	0.06	0.43		-0.01	-0.27	-0.04	0.06	0.28	PTGX
RVMD	0.32	-0.82	0.14	-0.27	-0.01		0.61	-0.44	-0.25	-0.74	RVMD
BPMC	0.26	-0.53	0.5	0.03	-0.27	0.61		0.03	0.11	-0.4	BPMC
STOK	0.22	0.48	0.33	0.36	-0.04	-0.44	0.03		0.6	0.63	STOK
CYTK	0.39	0.55	0.25	0.59	0.06	-0.25	0.11	0.6		0.53	CYTK
RLAY	0.11	0.84	0.19	0.41	0.28	-0.74	-0.4	0.63	0.53		RLAY
	DAWN	INZY	ZNTL	SNDX	PTGX	RVMD	BPMC	STOK	CYTK	RLAY

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

RLAY	+ 0.84	INZY
RLAY	+ 0.63	STOK
BPMC	+ 0.61	RVMD
CYTK	+ 0.6	STOK
CYTK	+ 0.59	SNDX
SNDX	+ 0.58	INZY

High negative correlations

RVMD	- 0.82	INZY
RLAY	- 0.74	RVMD
BPMC	- 0.53	INZY
STOK	- 0.44	RVMD
RLAY	- 0.4	BPMC
BPMC	- 0.27	PTGX

Risk-Adjusted Indicators

There is a big difference between Zymeworks Stock performing well and Zymeworks Common 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 Zymeworks Common'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
DAWN	2.06	(0.09)	(0.04)	0.01	2.77	(1.91)	3.84	(3.69)	11.44
INZY	2.76	(1.22)	0.00	(0.59)	0.00	0.00	5.07	(7.92)	16.62
ZNTL	4.21	0.06	0.05	0.15	5.06	(4.63)	11.41	(8.64)	33.76
SNDX	2.32	(0.55)	0.00	(0.10)	0.00	0.00	4.02	(4.33)	34.00
PTGX	1.93	(0.14)	(0.03)	0.04	2.31	(1.95)	3.70	(3.74)	14.61
RVMD	1.99	0.34	0.15	0.44	2.00	(2.17)	4.81	(3.24)	10.95
BPMC	1.82	(0.08)	(0.02)	0.06	2.57	(1.71)	4.90	(3.62)	14.28
STOK	2.63	(0.30)	0.00	(0.10)	0.00	0.00	4.68	(6.99)	21.35
CYTK	1.93	(0.30)	0.00	(0.05)	0.00	0.00	3.52	(4.15)	14.08
RLAY	3.40	(0.84)	0.00	(0.09)	0.00	0.00	4.82	(6.29)	66.18

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC