Correlation Between Aptinyx and Neximmune

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Can any of the company-specific risk be diversified away by investing in both Aptinyx and Neximmune 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 Aptinyx and Neximmune into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aptinyx and Neximmune, you can compare the effects of market volatilities on Aptinyx and Neximmune 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 Aptinyx with a short position of Neximmune. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aptinyx and Neximmune.

Diversification Opportunities for Aptinyx and Neximmune

AptinyxNeximmuneDiversified AwayAptinyxNeximmuneDiversified Away100%
0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Aptinyx and Neximmune is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aptinyx and Neximmune in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Neximmune and Aptinyx 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 Aptinyx are associated (or correlated) with Neximmune. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Neximmune has no effect on the direction of Aptinyx i.e., Aptinyx and Neximmune go up and down completely randomly.

Pair Corralation between Aptinyx and Neximmune

If you would invest (100.00) in Neximmune on November 21, 2024 and sell it today you would earn a total of  100.00  from holding Neximmune or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Aptinyx  vs.  Neximmune

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb 2468
JavaScript chart by amCharts 3.21.15APTX NEXI
       Timeline  
Aptinyx 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Aptinyx has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly strong basic indicators, Aptinyx is not utilizing all of its potentials. The recent stock price disturbance, may contribute to short-term losses for the investors.
Neximmune 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Neximmune has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fairly strong basic indicators, Neximmune is not utilizing all of its potentials. The current stock price confusion, may contribute to short-horizon losses for the traders.

Aptinyx and Neximmune Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15 2468
JavaScript chart by amCharts 3.21.15APTX NEXI
       Returns  

Pair Trading with Aptinyx and Neximmune

The main advantage of trading using opposite Aptinyx and Neximmune positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aptinyx position performs unexpectedly, Neximmune 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 Neximmune will offset losses from the drop in Neximmune's long position.
The idea behind Aptinyx and Neximmune pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.

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