Correlation Between Apogee Therapeutics, and Oatly Group
Can any of the company-specific risk be diversified away by investing in both Apogee Therapeutics, and Oatly Group 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 Oatly Group 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 Oatly Group AB, you can compare the effects of market volatilities on Apogee Therapeutics, and Oatly Group 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 Oatly Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apogee Therapeutics, and Oatly Group.
Diversification Opportunities for Apogee Therapeutics, and Oatly Group
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Apogee and Oatly is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Apogee Therapeutics, Common and Oatly Group AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oatly Group AB 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 Oatly Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oatly Group AB has no effect on the direction of Apogee Therapeutics, i.e., Apogee Therapeutics, and Oatly Group go up and down completely randomly.
Pair Corralation between Apogee Therapeutics, and Oatly Group
Given the investment horizon of 90 days Apogee Therapeutics, Common is expected to generate 0.88 times more return on investment than Oatly Group. However, Apogee Therapeutics, Common is 1.13 times less risky than Oatly Group. It trades about 0.08 of its potential returns per unit of risk. Oatly Group AB is currently generating about 0.0 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 2,815 from holding Apogee Therapeutics, Common or generate 165.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 70.91% |
| Values | Daily Returns |
Apogee Therapeutics, Common vs. Oatly Group AB
Performance |
| Timeline |
| Apogee Therapeutics, |
| Oatly Group AB |
Apogee Therapeutics, and Oatly Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apogee Therapeutics, and Oatly Group
The main advantage of trading using opposite Apogee Therapeutics, and Oatly Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apogee Therapeutics, position performs unexpectedly, Oatly Group 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 Oatly Group will offset losses from the drop in Oatly Group'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 |
| Oatly Group vs. Monster Beverage Corp | Oatly Group vs. Vita Coco | Oatly Group vs. PepsiCo | Oatly Group vs. The Coca Cola |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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