Correlation Between Apogee Therapeutics, and Freedom Holding
Can any of the company-specific risk be diversified away by investing in both Apogee Therapeutics, and Freedom Holding 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 Apogee Therapeutics, and Freedom Holding into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apogee Therapeutics, Common and Freedom Holding Corp, you can compare the effects of market volatilities on Apogee Therapeutics, and Freedom Holding 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 Apogee Therapeutics, with a short position of Freedom Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apogee Therapeutics, and Freedom Holding.
Diversification Opportunities for Apogee Therapeutics, and Freedom Holding
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Apogee and Freedom is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Apogee Therapeutics, Common and Freedom Holding Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Freedom Holding Corp and Apogee 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 Apogee Therapeutics, Common are associated (or correlated) with Freedom Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Freedom Holding Corp has no effect on the direction of Apogee Therapeutics, i.e., Apogee Therapeutics, and Freedom Holding go up and down completely randomly.
Pair Corralation between Apogee Therapeutics, and Freedom Holding
Given the investment horizon of 90 days Apogee Therapeutics, Common is expected to generate 1.95 times more return on investment than Freedom Holding. However, Apogee Therapeutics, is 1.95 times more volatile than Freedom Holding Corp. It trades about 0.08 of its potential returns per unit of risk. Freedom Holding Corp is currently generating about 0.07 per unit of risk. If you would invest 1,700 in Apogee Therapeutics, Common on September 3, 2024 and sell it today you would earn a total of 2,914 from holding Apogee Therapeutics, Common or generate 171.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 70.91% |
| Values | Daily Returns |
Apogee Therapeutics, Common vs. Freedom Holding Corp
Performance |
| Timeline |
| Apogee Therapeutics, |
| Freedom Holding Corp |
Apogee Therapeutics, and Freedom Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apogee Therapeutics, and Freedom Holding
The main advantage of trading using opposite Apogee Therapeutics, and Freedom Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apogee Therapeutics, position performs unexpectedly, Freedom Holding 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 Freedom Holding will offset losses from the drop in Freedom Holding's long position.| Apogee Therapeutics, vs. Elmos Semiconductor SE | Apogee Therapeutics, vs. ASE Industrial Holding | Apogee Therapeutics, vs. Advanced Micro Devices | Apogee Therapeutics, vs. HF Sinclair Corp |
| Freedom Holding vs. Riot Blockchain | Freedom Holding vs. Marathon Digital Holdings | Freedom Holding vs. Applied Blockchain | Freedom Holding vs. Hut 8 Corp |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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