Correlation Between Bolt Biotherapeutics and Autolus Therapeutics
Can any of the company-specific risk be diversified away by investing in both Bolt Biotherapeutics and Autolus Therapeutics 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 Bolt Biotherapeutics and Autolus Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bolt Biotherapeutics and Autolus Therapeutics, you can compare the effects of market volatilities on Bolt Biotherapeutics and Autolus Therapeutics 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 Bolt Biotherapeutics with a short position of Autolus Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bolt Biotherapeutics and Autolus Therapeutics.
Diversification Opportunities for Bolt Biotherapeutics and Autolus Therapeutics
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bolt and Autolus is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Bolt Biotherapeutics and Autolus Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Autolus Therapeutics and Bolt Biotherapeutics 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 Bolt Biotherapeutics are associated (or correlated) with Autolus Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Autolus Therapeutics has no effect on the direction of Bolt Biotherapeutics i.e., Bolt Biotherapeutics and Autolus Therapeutics go up and down completely randomly.
Pair Corralation between Bolt Biotherapeutics and Autolus Therapeutics
Given the investment horizon of 90 days Bolt Biotherapeutics is expected to generate 0.54 times more return on investment than Autolus Therapeutics. However, Bolt Biotherapeutics is 1.86 times less risky than Autolus Therapeutics. It trades about -0.02 of its potential returns per unit of risk. Autolus Therapeutics is currently generating about -0.02 per unit of risk. If you would invest 68.00 in Bolt Biotherapeutics on September 2, 2024 and sell it today you would lose (4.00) from holding Bolt Biotherapeutics or give up 5.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bolt Biotherapeutics vs. Autolus Therapeutics
Performance |
| Timeline |
| Bolt Biotherapeutics |
| Autolus Therapeutics |
Bolt Biotherapeutics and Autolus Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bolt Biotherapeutics and Autolus Therapeutics
The main advantage of trading using opposite Bolt Biotherapeutics and Autolus Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bolt Biotherapeutics position performs unexpectedly, Autolus Therapeutics 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 Autolus Therapeutics will offset losses from the drop in Autolus Therapeutics' long position.| Bolt Biotherapeutics vs. Assembly Biosciences | Bolt Biotherapeutics vs. Instil Bio | Bolt Biotherapeutics vs. CytomX Therapeutics | Bolt Biotherapeutics vs. Achilles Therapeutics PLC |
| Autolus Therapeutics vs. Cullinan Oncology LLC | Autolus Therapeutics vs. Bolt Biotherapeutics | Autolus Therapeutics vs. Day One Biopharmaceuticals | Autolus Therapeutics vs. Lyra 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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