Correlation Between Acrivon Therapeutics, and PepGen
Can any of the company-specific risk be diversified away by investing in both Acrivon Therapeutics, and PepGen 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 Acrivon Therapeutics, and PepGen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Acrivon Therapeutics, Common and PepGen, you can compare the effects of market volatilities on Acrivon Therapeutics, and PepGen 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 Acrivon Therapeutics, with a short position of PepGen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Acrivon Therapeutics, and PepGen.
Diversification Opportunities for Acrivon Therapeutics, and PepGen
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Acrivon and PepGen is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Acrivon Therapeutics, Common and PepGen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PepGen and Acrivon Therapeutics, 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 Acrivon Therapeutics, Common are associated (or correlated) with PepGen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PepGen has no effect on the direction of Acrivon Therapeutics, i.e., Acrivon Therapeutics, and PepGen go up and down completely randomly.
Pair Corralation between Acrivon Therapeutics, and PepGen
Given the investment horizon of 90 days Acrivon Therapeutics, is expected to generate 66.39 times less return on investment than PepGen. But when comparing it to its historical volatility, Acrivon Therapeutics, Common is 3.12 times less risky than PepGen. It trades about 0.01 of its potential returns per unit of risk. PepGen is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 184.00 in PepGen on November 30, 2024 and sell it today you would earn a total of 59.00 from holding PepGen or generate 32.07% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Acrivon Therapeutics, Common vs. PepGen
Performance |
Timeline |
Acrivon Therapeutics, |
PepGen |
Acrivon Therapeutics, and PepGen Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Acrivon Therapeutics, and PepGen
The main advantage of trading using opposite Acrivon Therapeutics, and PepGen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Acrivon Therapeutics, position performs unexpectedly, PepGen 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 PepGen will offset losses from the drop in PepGen's long position.Acrivon Therapeutics, vs. Aerovate Therapeutics | ||
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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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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