Correlation Between Atreca and BeiGene
Can any of the company-specific risk be diversified away by investing in both Atreca and BeiGene 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 Atreca and BeiGene into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Atreca Inc and BeiGene, you can compare the effects of market volatilities on Atreca and BeiGene 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 Atreca with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Atreca and BeiGene.
Diversification Opportunities for Atreca and BeiGene
Weak diversification
The 3 months correlation between Atreca and BeiGene is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Atreca Inc and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Atreca 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 Atreca Inc are associated (or correlated) with BeiGene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BeiGene has no effect on the direction of Atreca i.e., Atreca and BeiGene go up and down completely randomly.
Pair Corralation between Atreca and BeiGene
If you would invest 104.00 in Atreca Inc on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Atreca Inc or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Atreca Inc vs. BeiGene
Performance |
| Timeline |
| Atreca Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| BeiGene |
Atreca and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Atreca and BeiGene
The main advantage of trading using opposite Atreca and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Atreca position performs unexpectedly, BeiGene 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 BeiGene will offset losses from the drop in BeiGene's long position.| Atreca vs. Passage Bio | Atreca vs. Stoke Therapeutics | Atreca vs. Revolution Medicines | Atreca vs. Black Diamond Therapeutics |
| BeiGene vs. Eliem Therapeutics | BeiGene vs. HCW Biologics | BeiGene vs. Scpharmaceuticals | BeiGene vs. Milestone Pharmaceuticals |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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