Correlation Between Athira Pharma and Calithera Biosciences

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

Diversification Opportunities for Athira Pharma and Calithera Biosciences

AthiraCalitheraDiversified AwayAthiraCalitheraDiversified Away100%
0.0
  Correlation Coefficient

Pay attention - limited upside

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

Pair Corralation between Athira Pharma and Calithera Biosciences

If you would invest (100.00) in Calithera Biosciences on November 27, 2024 and sell it today you would earn a total of  100.00  from holding Calithera Biosciences or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Athira Pharma  vs.  Calithera Biosciences

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb -35-30-25-20-15-10-5
JavaScript chart by amCharts 3.21.15ATHA CALA
       Timeline  
Athira Pharma 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Athira Pharma has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's technical indicators remain somewhat strong which may send shares a bit higher in March 2025. The current disturbance may also be a sign of long term up-swing for the company investors.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb0.450.50.550.60.65
Calithera Biosciences 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Calithera Biosciences has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong essential indicators, Calithera Biosciences is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short-term losses for the investors.

Athira Pharma and Calithera Biosciences Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-6.56-4.95-3.34-1.72-0.111.272.644.05.376.73 0.0050.0100.0150.0200.025
JavaScript chart by amCharts 3.21.15ATHA CALA
       Returns  

Pair Trading with Athira Pharma and Calithera Biosciences

The main advantage of trading using opposite Athira Pharma and Calithera Biosciences positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Athira Pharma position performs unexpectedly, Calithera Biosciences 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 Calithera Biosciences will offset losses from the drop in Calithera Biosciences' long position.
The idea behind Athira Pharma and Calithera Biosciences 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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.

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