Correlation Between Anixa Biosciences and PolyPid
Can any of the company-specific risk be diversified away by investing in both Anixa Biosciences and PolyPid 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 PolyPid into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Anixa Biosciences and PolyPid, you can compare the effects of market volatilities on Anixa Biosciences and PolyPid 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 PolyPid. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anixa Biosciences and PolyPid.
Diversification Opportunities for Anixa Biosciences and PolyPid
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Anixa and PolyPid is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Anixa Biosciences and PolyPid in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PolyPid 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 PolyPid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PolyPid has no effect on the direction of Anixa Biosciences i.e., Anixa Biosciences and PolyPid go up and down completely randomly.
Pair Corralation between Anixa Biosciences and PolyPid
Given the investment horizon of 90 days Anixa Biosciences is expected to under-perform the PolyPid. But the stock apears to be less risky and, when comparing its historical volatility, Anixa Biosciences is 1.12 times less risky than PolyPid. The stock trades about -0.01 of its potential returns per unit of risk. The PolyPid is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 315.00 in PolyPid on December 10, 2024 and sell it today you would lose (41.00) from holding PolyPid or give up 13.02% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anixa Biosciences vs. PolyPid
Performance |
| Timeline |
| Anixa Biosciences |
| PolyPid |
Anixa Biosciences and PolyPid Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anixa Biosciences and PolyPid
The main advantage of trading using opposite Anixa Biosciences and PolyPid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anixa Biosciences position performs unexpectedly, PolyPid 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 PolyPid will offset losses from the drop in PolyPid's long position.| Anixa Biosciences vs. Cue Biopharma | ||
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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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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