Correlation Between AC Immune and Marker Therapeutics
Can any of the company-specific risk be diversified away by investing in both AC Immune and Marker 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 AC Immune and Marker Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AC Immune and Marker Therapeutics, you can compare the effects of market volatilities on AC Immune and Marker 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 AC Immune with a short position of Marker Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of AC Immune and Marker Therapeutics.
Diversification Opportunities for AC Immune and Marker Therapeutics
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ACIU and Marker is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding AC Immune and Marker Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marker Therapeutics and AC Immune 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 AC Immune are associated (or correlated) with Marker Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marker Therapeutics has no effect on the direction of AC Immune i.e., AC Immune and Marker Therapeutics go up and down completely randomly.
Pair Corralation between AC Immune and Marker Therapeutics
Given the investment horizon of 90 days AC Immune is expected to generate 0.75 times more return on investment than Marker Therapeutics. However, AC Immune is 1.34 times less risky than Marker Therapeutics. It trades about 0.18 of its potential returns per unit of risk. Marker Therapeutics is currently generating about -0.07 per unit of risk. If you would invest 284.00 in AC Immune on September 1, 2024 and sell it today you would earn a total of 52.00 from holding AC Immune or generate 18.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
AC Immune vs. Marker Therapeutics
Performance |
| Timeline |
| AC Immune |
| Marker Therapeutics |
AC Immune and Marker Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AC Immune and Marker Therapeutics
The main advantage of trading using opposite AC Immune and Marker Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AC Immune position performs unexpectedly, Marker 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 Marker Therapeutics will offset losses from the drop in Marker Therapeutics' long position.| AC Immune vs. Pmv Pharmaceuticals | AC Immune vs. Eliem Therapeutics | AC Immune vs. MediciNova | AC Immune vs. Pharvaris BV |
| Marker Therapeutics vs. Lumos Pharma | Marker Therapeutics vs. Exicure | Marker Therapeutics vs. Protagenic Therapeutics | Marker Therapeutics vs. Pmv Pharmaceuticals |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |