Correlation Between AC Immune and Surrozen
Can any of the company-specific risk be diversified away by investing in both AC Immune and Surrozen 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 Surrozen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AC Immune and Surrozen, you can compare the effects of market volatilities on AC Immune and Surrozen 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 Surrozen. Check out your portfolio center. Please also check ongoing floating volatility patterns of AC Immune and Surrozen.
Diversification Opportunities for AC Immune and Surrozen
Very good diversification
The 3 months correlation between ACIU and Surrozen is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding AC Immune and Surrozen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Surrozen 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 Surrozen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Surrozen has no effect on the direction of AC Immune i.e., AC Immune and Surrozen go up and down completely randomly.
Pair Corralation between AC Immune and Surrozen
Given the investment horizon of 90 days AC Immune is expected to generate 0.86 times more return on investment than Surrozen. However, AC Immune is 1.16 times less risky than Surrozen. It trades about 0.03 of its potential returns per unit of risk. Surrozen is currently generating about 0.02 per unit of risk. If you would invest 239.00 in AC Immune on November 2, 2024 and sell it today you would earn a total of 31.00 from holding AC Immune or generate 12.97% 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. Surrozen
Performance |
| Timeline |
| AC Immune |
| Surrozen |
AC Immune and Surrozen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AC Immune and Surrozen
The main advantage of trading using opposite AC Immune and Surrozen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AC Immune position performs unexpectedly, Surrozen 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 Surrozen will offset losses from the drop in Surrozen's long position.| AC Immune vs. Pmv Pharmaceuticals | AC Immune vs. MediciNova | AC Immune vs. Pharvaris BV | AC Immune vs. PepGen |
| Surrozen vs. Bolt Biotherapeutics | Surrozen vs. Larimar Therapeutics | Surrozen vs. Keros Therapeutics | Surrozen vs. Kezar Life 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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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