Correlation Between AC Immune and Vaccinex
Can any of the company-specific risk be diversified away by investing in both AC Immune and Vaccinex 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 Vaccinex into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AC Immune and Vaccinex, you can compare the effects of market volatilities on AC Immune and Vaccinex 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 Vaccinex. Check out your portfolio center. Please also check ongoing floating volatility patterns of AC Immune and Vaccinex.
Diversification Opportunities for AC Immune and Vaccinex
Good diversification
The 3 months correlation between ACIU and Vaccinex is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding AC Immune and Vaccinex in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vaccinex 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 Vaccinex. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vaccinex has no effect on the direction of AC Immune i.e., AC Immune and Vaccinex go up and down completely randomly.
Pair Corralation between AC Immune and Vaccinex
Given the investment horizon of 90 days AC Immune is expected to under-perform the Vaccinex. But the stock apears to be less risky and, when comparing its historical volatility, AC Immune is 2.22 times less risky than Vaccinex. The stock trades about -0.05 of its potential returns per unit of risk. The Vaccinex is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 678.00 in Vaccinex on August 29, 2024 and sell it today you would lose (309.00) from holding Vaccinex or give up 45.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AC Immune vs. Vaccinex
Performance |
| Timeline |
| AC Immune |
| Vaccinex |
AC Immune and Vaccinex Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AC Immune and Vaccinex
The main advantage of trading using opposite AC Immune and Vaccinex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AC Immune position performs unexpectedly, Vaccinex 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 Vaccinex will offset losses from the drop in Vaccinex's long position.| AC Immune vs. Pmv Pharmaceuticals | AC Immune vs. Eliem Therapeutics | AC Immune vs. MediciNova | AC Immune vs. Pharvaris BV |
| Vaccinex vs. Protara Therapeutics | Vaccinex vs. Monopar Therapeutics | Vaccinex vs. Surrozen | Vaccinex vs. Salarius 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |