Correlation Between Aceragen and Checkpoint Therapeutics
Can any of the company-specific risk be diversified away by investing in both Aceragen and Checkpoint Therapeutics 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 Aceragen and Checkpoint Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aceragen and Checkpoint Therapeutics, you can compare the effects of market volatilities on Aceragen and Checkpoint Therapeutics 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 Aceragen with a short position of Checkpoint Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aceragen and Checkpoint Therapeutics.
Diversification Opportunities for Aceragen and Checkpoint Therapeutics
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Aceragen and Checkpoint is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Aceragen and Checkpoint Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Checkpoint Therapeutics and Aceragen 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 Aceragen are associated (or correlated) with Checkpoint Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Checkpoint Therapeutics has no effect on the direction of Aceragen i.e., Aceragen and Checkpoint Therapeutics go up and down completely randomly.
Pair Corralation between Aceragen and Checkpoint Therapeutics
If you would invest 345.00 in Checkpoint Therapeutics on September 13, 2024 and sell it today you would earn a total of 53.00 from holding Checkpoint Therapeutics or generate 15.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Aceragen vs. Checkpoint Therapeutics
Performance |
| Timeline |
| Aceragen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Checkpoint Therapeutics |
Aceragen and Checkpoint Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aceragen and Checkpoint Therapeutics
The main advantage of trading using opposite Aceragen and Checkpoint Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aceragen position performs unexpectedly, Checkpoint Therapeutics 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 Checkpoint Therapeutics will offset losses from the drop in Checkpoint Therapeutics' long position.| Aceragen vs. Addex Therapeutics | Aceragen vs. Soligenix | Aceragen vs. Avenue Therapeutics | Aceragen vs. Akari Therapeutics PLC |
| Checkpoint Therapeutics vs. Mustang Bio | Checkpoint Therapeutics vs. Reviva Pharmaceuticals Holdings | Checkpoint Therapeutics vs. Fortress Biotech Pref | Checkpoint Therapeutics vs. Kodiak Sciences |
Check out your portfolio center.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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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