Correlation Between Apexigen and Aditxt
Can any of the company-specific risk be diversified away by investing in both Apexigen and Aditxt 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 Apexigen and Aditxt into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apexigen and Aditxt Inc, you can compare the effects of market volatilities on Apexigen and Aditxt 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 Apexigen with a short position of Aditxt. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apexigen and Aditxt.
Diversification Opportunities for Apexigen and Aditxt
Average diversification
The 3 months correlation between Apexigen and Aditxt is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Apexigen and Aditxt Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aditxt Inc and Apexigen 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 Apexigen are associated (or correlated) with Aditxt. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aditxt Inc has no effect on the direction of Apexigen i.e., Apexigen and Aditxt go up and down completely randomly.
Pair Corralation between Apexigen and Aditxt
If you would invest 43.00 in Apexigen on November 4, 2024 and sell it today you would earn a total of 0.00 from holding Apexigen or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 5.0% |
| Values | Daily Returns |
Apexigen vs. Aditxt Inc
Performance |
| Timeline |
| Apexigen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Aditxt Inc |
Apexigen and Aditxt Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apexigen and Aditxt
The main advantage of trading using opposite Apexigen and Aditxt positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apexigen position performs unexpectedly, Aditxt 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 Aditxt will offset losses from the drop in Aditxt's long position.| Apexigen vs. Leap Therapeutics | Apexigen vs. Zura Bio Limited | Apexigen vs. X4 Pharmaceuticals | Apexigen vs. Phio Pharmaceuticals Corp |
| Aditxt vs. Dermata Therapeutics | Aditxt vs. Unicycive Therapeutics | Aditxt vs. Revelation Biosciences | Aditxt vs. Palisade Bio |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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