Correlation Between Ascendis Pharma and FIXX Old
Can any of the company-specific risk be diversified away by investing in both Ascendis Pharma and FIXX Old 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 Ascendis Pharma and FIXX Old into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ascendis Pharma AS and FIXX Old, you can compare the effects of market volatilities on Ascendis Pharma and FIXX Old 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 Ascendis Pharma with a short position of FIXX Old. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ascendis Pharma and FIXX Old.
Diversification Opportunities for Ascendis Pharma and FIXX Old
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ascendis and FIXX is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ascendis Pharma AS and FIXX Old in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FIXX Old and Ascendis Pharma 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 Ascendis Pharma AS are associated (or correlated) with FIXX Old. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FIXX Old has no effect on the direction of Ascendis Pharma i.e., Ascendis Pharma and FIXX Old go up and down completely randomly.
Pair Corralation between Ascendis Pharma and FIXX Old
If you would invest 11,232 in Ascendis Pharma AS on November 9, 2024 and sell it today you would earn a total of 1,270 from holding Ascendis Pharma AS or generate 11.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Ascendis Pharma AS vs. FIXX Old
Performance |
| Timeline |
| Ascendis Pharma AS |
| FIXX Old |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Ascendis Pharma and FIXX Old Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ascendis Pharma and FIXX Old
The main advantage of trading using opposite Ascendis Pharma and FIXX Old positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ascendis Pharma position performs unexpectedly, FIXX Old 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 FIXX Old will offset losses from the drop in FIXX Old's long position.| Ascendis Pharma vs. Apellis Pharmaceuticals | Ascendis Pharma vs. Akero Therapeutics | Ascendis Pharma vs. Blueprint Medicines Corp | Ascendis Pharma vs. Replimune Group |
| FIXX Old vs. Passage Bio | FIXX Old vs. Stoke Therapeutics | FIXX Old vs. Adaptimmune Therapeutics Plc | FIXX Old vs. Black Diamond 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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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