Correlation Between Assembly Biosciences and Comera Life
Can any of the company-specific risk be diversified away by investing in both Assembly Biosciences and Comera Life 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 Assembly Biosciences and Comera Life into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Assembly Biosciences and Comera Life Sciences, you can compare the effects of market volatilities on Assembly Biosciences and Comera Life 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 Assembly Biosciences with a short position of Comera Life. Check out your portfolio center. Please also check ongoing floating volatility patterns of Assembly Biosciences and Comera Life.
Diversification Opportunities for Assembly Biosciences and Comera Life
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Assembly and Comera is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Assembly Biosciences and Comera Life Sciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Comera Life Sciences and Assembly Biosciences 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 Assembly Biosciences are associated (or correlated) with Comera Life. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Comera Life Sciences has no effect on the direction of Assembly Biosciences i.e., Assembly Biosciences and Comera Life go up and down completely randomly.
Pair Corralation between Assembly Biosciences and Comera Life
Given the investment horizon of 90 days Assembly Biosciences is expected to generate 0.77 times more return on investment than Comera Life. However, Assembly Biosciences is 1.3 times less risky than Comera Life. It trades about 0.03 of its potential returns per unit of risk. Comera Life Sciences is currently generating about -0.04 per unit of risk. If you would invest 1,356 in Assembly Biosciences on September 2, 2024 and sell it today you would earn a total of 348.00 from holding Assembly Biosciences or generate 25.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 31.05% |
| Values | Daily Returns |
Assembly Biosciences vs. Comera Life Sciences
Performance |
| Timeline |
| Assembly Biosciences |
| Comera Life Sciences |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Assembly Biosciences and Comera Life Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Assembly Biosciences and Comera Life
The main advantage of trading using opposite Assembly Biosciences and Comera Life positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Assembly Biosciences position performs unexpectedly, Comera Life 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 Comera Life will offset losses from the drop in Comera Life's long position.| Assembly Biosciences vs. Spero Therapeutics | Assembly Biosciences vs. Achilles Therapeutics PLC | Assembly Biosciences vs. Instil Bio | Assembly Biosciences vs. CytomX Therapeutics |
| Comera Life vs. SAB Biotherapeutics | Comera Life vs. Processa Pharmaceuticals | Comera Life vs. Third Harmonic Bio | Comera Life vs. Indaptus 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |