Correlation Between Apogee Therapeutics, and Shake Shack
Can any of the company-specific risk be diversified away by investing in both Apogee Therapeutics, and Shake Shack 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 Shake Shack 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 Shake Shack, you can compare the effects of market volatilities on Apogee Therapeutics, and Shake Shack 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 Shake Shack. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apogee Therapeutics, and Shake Shack.
Diversification Opportunities for Apogee Therapeutics, and Shake Shack
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Apogee and Shake is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Apogee Therapeutics, Common and Shake Shack in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shake Shack 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 Shake Shack. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shake Shack has no effect on the direction of Apogee Therapeutics, i.e., Apogee Therapeutics, and Shake Shack go up and down completely randomly.
Pair Corralation between Apogee Therapeutics, and Shake Shack
Given the investment horizon of 90 days Apogee Therapeutics, Common is expected to under-perform the Shake Shack. In addition to that, Apogee Therapeutics, is 1.48 times more volatile than Shake Shack. It trades about -0.14 of its total potential returns per unit of risk. Shake Shack is currently generating about 0.22 per unit of volatility. If you would invest 10,855 in Shake Shack on August 24, 2024 and sell it today you would earn a total of 1,446 from holding Shake Shack or generate 13.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Apogee Therapeutics, Common vs. Shake Shack
Performance |
| Timeline |
| Apogee Therapeutics, |
| Shake Shack |
Apogee Therapeutics, and Shake Shack Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apogee Therapeutics, and Shake Shack
The main advantage of trading using opposite Apogee Therapeutics, and Shake Shack positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apogee Therapeutics, position performs unexpectedly, Shake Shack 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 Shake Shack will offset losses from the drop in Shake Shack's long position.| Apogee Therapeutics, vs. Kaltura | Apogee Therapeutics, vs. NetSol Technologies | Apogee Therapeutics, vs. Rumble Inc | Apogee Therapeutics, vs. Chipotle Mexican Grill |
| Shake Shack vs. Chipotle Mexican Grill | Shake Shack vs. Eshallgo Class A | Shake Shack vs. Amtech Systems | Shake Shack vs. Gold Fields Ltd |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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