Correlation Between Autolus Therapeutics and Cullinan Oncology
Can any of the company-specific risk be diversified away by investing in both Autolus Therapeutics and Cullinan Oncology 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 Autolus Therapeutics and Cullinan Oncology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Autolus Therapeutics and Cullinan Oncology LLC, you can compare the effects of market volatilities on Autolus Therapeutics and Cullinan Oncology 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 Autolus Therapeutics with a short position of Cullinan Oncology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Autolus Therapeutics and Cullinan Oncology.
Diversification Opportunities for Autolus Therapeutics and Cullinan Oncology
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Autolus and Cullinan is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Autolus Therapeutics and Cullinan Oncology LLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cullinan Oncology LLC and Autolus 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 Autolus Therapeutics are associated (or correlated) with Cullinan Oncology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cullinan Oncology LLC has no effect on the direction of Autolus Therapeutics i.e., Autolus Therapeutics and Cullinan Oncology go up and down completely randomly.
Pair Corralation between Autolus Therapeutics and Cullinan Oncology
Given the investment horizon of 90 days Autolus Therapeutics is expected to generate 1.16 times more return on investment than Cullinan Oncology. However, Autolus Therapeutics is 1.16 times more volatile than Cullinan Oncology LLC. It trades about 0.02 of its potential returns per unit of risk. Cullinan Oncology LLC is currently generating about 0.01 per unit of risk. If you would invest 182.00 in Autolus Therapeutics on December 25, 2024 and sell it today you would lose (12.00) from holding Autolus Therapeutics or give up 6.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.8% |
| Values | Daily Returns |
Autolus Therapeutics vs. Cullinan Oncology LLC
Performance |
| Timeline |
| Autolus Therapeutics |
| Cullinan Oncology LLC |
Autolus Therapeutics and Cullinan Oncology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Autolus Therapeutics and Cullinan Oncology
The main advantage of trading using opposite Autolus Therapeutics and Cullinan Oncology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Autolus Therapeutics position performs unexpectedly, Cullinan Oncology 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 Cullinan Oncology will offset losses from the drop in Cullinan Oncology's long position.| Autolus Therapeutics vs. Cullinan Oncology LLC | Autolus Therapeutics vs. Bolt Biotherapeutics | Autolus Therapeutics vs. Day One Biopharmaceuticals | Autolus Therapeutics vs. Lyra Therapeutics |
| Cullinan Oncology vs. Bolt Biotherapeutics | Cullinan Oncology vs. Day One Biopharmaceuticals | Cullinan Oncology vs. Lyra Therapeutics | Cullinan Oncology vs. Autolus 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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