Correlation Between Apexigen and Xenetic Biosciences
Can any of the company-specific risk be diversified away by investing in both Apexigen and Xenetic Biosciences 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 Xenetic Biosciences into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apexigen and Xenetic Biosciences, you can compare the effects of market volatilities on Apexigen and Xenetic Biosciences 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 Xenetic Biosciences. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apexigen and Xenetic Biosciences.
Diversification Opportunities for Apexigen and Xenetic Biosciences
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Apexigen and Xenetic is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Apexigen and Xenetic Biosciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xenetic Biosciences 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 Xenetic Biosciences. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xenetic Biosciences has no effect on the direction of Apexigen i.e., Apexigen and Xenetic Biosciences go up and down completely randomly.
Pair Corralation between Apexigen and Xenetic Biosciences
If you would invest 432.00 in Xenetic Biosciences on November 5, 2024 and sell it today you would lose (1.00) from holding Xenetic Biosciences or give up 0.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 5.26% |
| Values | Daily Returns |
Apexigen vs. Xenetic Biosciences
Performance |
| Timeline |
| Apexigen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Xenetic Biosciences |
Apexigen and Xenetic Biosciences Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apexigen and Xenetic Biosciences
The main advantage of trading using opposite Apexigen and Xenetic Biosciences positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apexigen position performs unexpectedly, Xenetic Biosciences 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 Xenetic Biosciences will offset losses from the drop in Xenetic Biosciences' long position.| Apexigen vs. Leap Therapeutics | Apexigen vs. Zura Bio Limited | Apexigen vs. X4 Pharmaceuticals | Apexigen vs. Phio Pharmaceuticals Corp |
| Xenetic Biosciences vs. Transcode Therapeutics | Xenetic Biosciences vs. ZyVersa Therapeutics | Xenetic Biosciences vs. Immix Biopharma | Xenetic Biosciences vs. Phio Pharmaceuticals 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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