Correlation Between Aptorum Group and Surrozen
Can any of the company-specific risk be diversified away by investing in both Aptorum Group and Surrozen 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 Aptorum Group and Surrozen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aptorum Group Ltd and Surrozen, you can compare the effects of market volatilities on Aptorum Group and Surrozen 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 Aptorum Group with a short position of Surrozen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aptorum Group and Surrozen.
Diversification Opportunities for Aptorum Group and Surrozen
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Aptorum and Surrozen is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Aptorum Group Ltd and Surrozen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Surrozen and Aptorum Group 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 Aptorum Group Ltd are associated (or correlated) with Surrozen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Surrozen has no effect on the direction of Aptorum Group i.e., Aptorum Group and Surrozen go up and down completely randomly.
Pair Corralation between Aptorum Group and Surrozen
Considering the 90-day investment horizon Aptorum Group Ltd is expected to under-perform the Surrozen. In addition to that, Aptorum Group is 1.33 times more volatile than Surrozen. It trades about -0.19 of its total potential returns per unit of risk. Surrozen is currently generating about 0.08 per unit of volatility. If you would invest 950.00 in Surrozen on August 30, 2024 and sell it today you would earn a total of 72.00 from holding Surrozen or generate 7.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aptorum Group Ltd vs. Surrozen
Performance |
| Timeline |
| Aptorum Group |
| Surrozen |
Aptorum Group and Surrozen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aptorum Group and Surrozen
The main advantage of trading using opposite Aptorum Group and Surrozen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aptorum Group position performs unexpectedly, Surrozen 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 Surrozen will offset losses from the drop in Surrozen's long position.| Aptorum Group vs. Surrozen | Aptorum Group vs. Unicycive Therapeutics | Aptorum Group vs. Armata Pharmaceuticals | Aptorum Group vs. AIM ImmunoTech |
| Surrozen vs. Bolt Biotherapeutics | Surrozen vs. Larimar Therapeutics | Surrozen vs. Keros Therapeutics | Surrozen vs. Kezar Life Sciences |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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