Correlation Between Aquestive Therapeutics and STATE
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By analyzing existing cross correlation between Aquestive Therapeutics and STATE STREET P, you can compare the effects of market volatilities on Aquestive Therapeutics and STATE 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 Aquestive Therapeutics with a short position of STATE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aquestive Therapeutics and STATE.
Diversification Opportunities for Aquestive Therapeutics and STATE
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Aquestive and STATE is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Aquestive Therapeutics and STATE STREET P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STATE STREET P and Aquestive 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 Aquestive Therapeutics are associated (or correlated) with STATE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STATE STREET P has no effect on the direction of Aquestive Therapeutics i.e., Aquestive Therapeutics and STATE go up and down completely randomly.
Pair Corralation between Aquestive Therapeutics and STATE
Given the investment horizon of 90 days Aquestive Therapeutics is expected to under-perform the STATE. In addition to that, Aquestive Therapeutics is 8.48 times more volatile than STATE STREET P. It trades about -0.14 of its total potential returns per unit of risk. STATE STREET P is currently generating about 0.2 per unit of volatility. If you would invest 8,565 in STATE STREET P on September 5, 2024 and sell it today you would earn a total of 191.00 from holding STATE STREET P or generate 2.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
Aquestive Therapeutics vs. STATE STREET P
Performance |
| Timeline |
| Aquestive Therapeutics |
| STATE STREET P |
Aquestive Therapeutics and STATE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aquestive Therapeutics and STATE
The main advantage of trading using opposite Aquestive Therapeutics and STATE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aquestive Therapeutics position performs unexpectedly, STATE 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 STATE will offset losses from the drop in STATE's long position.| Aquestive Therapeutics vs. Evoke Pharma | Aquestive Therapeutics vs. Dynavax Technologies | Aquestive Therapeutics vs. Amphastar P | Aquestive Therapeutics vs. Lantheus Holdings |
| STATE vs. Aquestive Therapeutics | STATE vs. Sonida Senior Living | STATE vs. Merit Medical Systems | STATE vs. Esperion Therapeutics |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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