Correlation Between AN2 Therapeutics and Comera Life
Can any of the company-specific risk be diversified away by investing in both AN2 Therapeutics and Comera Life 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 AN2 Therapeutics and Comera Life into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AN2 Therapeutics and Comera Life Sciences, you can compare the effects of market volatilities on AN2 Therapeutics and Comera Life 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 AN2 Therapeutics with a short position of Comera Life. Check out your portfolio center. Please also check ongoing floating volatility patterns of AN2 Therapeutics and Comera Life.
Diversification Opportunities for AN2 Therapeutics and Comera Life
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between AN2 and Comera is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding AN2 Therapeutics and Comera Life Sciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Comera Life Sciences and AN2 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 AN2 Therapeutics are associated (or correlated) with Comera Life. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Comera Life Sciences has no effect on the direction of AN2 Therapeutics i.e., AN2 Therapeutics and Comera Life go up and down completely randomly.
Pair Corralation between AN2 Therapeutics and Comera Life
If you would invest 204.00 in AN2 Therapeutics on September 2, 2024 and sell it today you would lose (37.00) from holding AN2 Therapeutics or give up 18.14% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 0.79% |
| Values | Daily Returns |
AN2 Therapeutics vs. Comera Life Sciences
Performance |
| Timeline |
| AN2 Therapeutics |
| Comera Life Sciences |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
AN2 Therapeutics and Comera Life Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AN2 Therapeutics and Comera Life
The main advantage of trading using opposite AN2 Therapeutics and Comera Life positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AN2 Therapeutics position performs unexpectedly, Comera Life 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 Comera Life will offset losses from the drop in Comera Life's long position.| AN2 Therapeutics vs. Tff Pharmaceuticals | AN2 Therapeutics vs. Eliem Therapeutics | AN2 Therapeutics vs. Inhibrx | AN2 Therapeutics vs. Enliven Therapeutics |
| Comera Life vs. SAB Biotherapeutics | Comera Life vs. Processa Pharmaceuticals | Comera Life vs. Third Harmonic Bio | Comera Life vs. Indaptus Therapeutics |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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