Correlation Between Angion Biomedica and Anixa Biosciences
Can any of the company-specific risk be diversified away by investing in both Angion Biomedica and Anixa Biosciences 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 Angion Biomedica and Anixa Biosciences into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Angion Biomedica Corp and Anixa Biosciences, you can compare the effects of market volatilities on Angion Biomedica and Anixa Biosciences 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 Angion Biomedica with a short position of Anixa Biosciences. Check out your portfolio center. Please also check ongoing floating volatility patterns of Angion Biomedica and Anixa Biosciences.
Diversification Opportunities for Angion Biomedica and Anixa Biosciences
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Angion and Anixa is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Angion Biomedica Corp and Anixa Biosciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anixa Biosciences and Angion Biomedica 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 Angion Biomedica Corp are associated (or correlated) with Anixa Biosciences. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anixa Biosciences has no effect on the direction of Angion Biomedica i.e., Angion Biomedica and Anixa Biosciences go up and down completely randomly.
Pair Corralation between Angion Biomedica and Anixa Biosciences
If you would invest 238.00 in Anixa Biosciences on November 4, 2024 and sell it today you would earn a total of 56.00 from holding Anixa Biosciences or generate 23.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 5.0% |
| Values | Daily Returns |
Angion Biomedica Corp vs. Anixa Biosciences
Performance |
| Timeline |
| Angion Biomedica Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Anixa Biosciences |
Angion Biomedica and Anixa Biosciences Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Angion Biomedica and Anixa Biosciences
The main advantage of trading using opposite Angion Biomedica and Anixa Biosciences positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Angion Biomedica position performs unexpectedly, Anixa Biosciences 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 Anixa Biosciences will offset losses from the drop in Anixa Biosciences' long position.| Angion Biomedica vs. Apollomics Class A | Angion Biomedica vs. Pyxis Oncology | Angion Biomedica vs. Zura Bio Limited | Angion Biomedica vs. Elevation Oncology |
| Anixa Biosciences vs. Cue Biopharma | Anixa Biosciences vs. INmune Bio | Anixa Biosciences vs. In8bio Inc | Anixa Biosciences vs. PolyPid |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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