Correlation Between Akari Therapeutics and Jaguar Animal
Can any of the company-specific risk be diversified away by investing in both Akari Therapeutics and Jaguar Animal 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 Akari Therapeutics and Jaguar Animal into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Akari Therapeutics PLC and Jaguar Animal Health, you can compare the effects of market volatilities on Akari Therapeutics and Jaguar Animal 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 Akari Therapeutics with a short position of Jaguar Animal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akari Therapeutics and Jaguar Animal.
Diversification Opportunities for Akari Therapeutics and Jaguar Animal
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Akari and Jaguar is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Akari Therapeutics PLC and Jaguar Animal Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jaguar Animal Health and Akari 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 Akari Therapeutics PLC are associated (or correlated) with Jaguar Animal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jaguar Animal Health has no effect on the direction of Akari Therapeutics i.e., Akari Therapeutics and Jaguar Animal go up and down completely randomly.
Pair Corralation between Akari Therapeutics and Jaguar Animal
Given the investment horizon of 90 days Akari Therapeutics PLC is expected to generate 0.63 times more return on investment than Jaguar Animal. However, Akari Therapeutics PLC is 1.58 times less risky than Jaguar Animal. It trades about -0.04 of its potential returns per unit of risk. Jaguar Animal Health is currently generating about -0.08 per unit of risk. If you would invest 1,060 in Akari Therapeutics PLC on August 29, 2024 and sell it today you would lose (948.00) from holding Akari Therapeutics PLC or give up 89.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Akari Therapeutics PLC vs. Jaguar Animal Health
Performance |
| Timeline |
| Akari Therapeutics PLC |
| Jaguar Animal Health |
Akari Therapeutics and Jaguar Animal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Akari Therapeutics and Jaguar Animal
The main advantage of trading using opposite Akari Therapeutics and Jaguar Animal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akari Therapeutics position performs unexpectedly, Jaguar Animal 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 Jaguar Animal will offset losses from the drop in Jaguar Animal's long position.| Akari Therapeutics vs. Armata Pharmaceuticals | Akari Therapeutics vs. Anebulo Pharmaceuticals | Akari Therapeutics vs. Processa Pharmaceuticals | Akari Therapeutics vs. Salarius Pharmaceuticals |
| Jaguar Animal vs. Ibio Inc | Jaguar Animal vs. GeoVax Labs | Jaguar Animal vs. Ocugen Inc | Jaguar Animal vs. Zura Bio Limited |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |