Correlation Between Anixa Biosciences and Jaguar Animal
Can any of the company-specific risk be diversified away by investing in both Anixa Biosciences 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 Anixa Biosciences and Jaguar Animal into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Anixa Biosciences and Jaguar Animal Health, you can compare the effects of market volatilities on Anixa Biosciences 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 Anixa Biosciences with a short position of Jaguar Animal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anixa Biosciences and Jaguar Animal.
Diversification Opportunities for Anixa Biosciences and Jaguar Animal
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Anixa and Jaguar is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Anixa Biosciences 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 Anixa Biosciences 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 Anixa Biosciences 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 Anixa Biosciences i.e., Anixa Biosciences and Jaguar Animal go up and down completely randomly.
Pair Corralation between Anixa Biosciences and Jaguar Animal
Given the investment horizon of 90 days Anixa Biosciences is expected to generate 0.61 times more return on investment than Jaguar Animal. However, Anixa Biosciences is 1.65 times less risky than Jaguar Animal. It trades about 0.08 of its potential returns per unit of risk. Jaguar Animal Health is currently generating about -0.11 per unit of risk. If you would invest 243.00 in Anixa Biosciences on August 29, 2024 and sell it today you would earn a total of 88.00 from holding Anixa Biosciences or generate 36.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anixa Biosciences vs. Jaguar Animal Health
Performance |
| Timeline |
| Anixa Biosciences |
| Jaguar Animal Health |
Anixa Biosciences and Jaguar Animal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anixa Biosciences and Jaguar Animal
The main advantage of trading using opposite Anixa Biosciences and Jaguar Animal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anixa Biosciences 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.| Anixa Biosciences vs. Cue Biopharma | Anixa Biosciences vs. INmune Bio | Anixa Biosciences vs. In8bio Inc | Anixa Biosciences vs. PolyPid |
| 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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets |