Correlation Between Blueprint Medicines and Anpac Bio
Can any of the company-specific risk be diversified away by investing in both Blueprint Medicines and Anpac Bio 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 Blueprint Medicines and Anpac Bio into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Blueprint Medicines Corp and Anpac Bio Medical, you can compare the effects of market volatilities on Blueprint Medicines and Anpac Bio 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 Blueprint Medicines with a short position of Anpac Bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blueprint Medicines and Anpac Bio.
Diversification Opportunities for Blueprint Medicines and Anpac Bio
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Blueprint and Anpac is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Blueprint Medicines Corp and Anpac Bio Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anpac Bio Medical and Blueprint Medicines 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 Blueprint Medicines Corp are associated (or correlated) with Anpac Bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anpac Bio Medical has no effect on the direction of Blueprint Medicines i.e., Blueprint Medicines and Anpac Bio go up and down completely randomly.
Pair Corralation between Blueprint Medicines and Anpac Bio
If you would invest 8,865 in Blueprint Medicines Corp on September 12, 2024 and sell it today you would earn a total of 674.00 from holding Blueprint Medicines Corp or generate 7.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 2.44% |
| Values | Daily Returns |
Blueprint Medicines Corp vs. Anpac Bio Medical
Performance |
| Timeline |
| Blueprint Medicines Corp |
| Anpac Bio Medical |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Blueprint Medicines and Anpac Bio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blueprint Medicines and Anpac Bio
The main advantage of trading using opposite Blueprint Medicines and Anpac Bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blueprint Medicines position performs unexpectedly, Anpac Bio 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 Anpac Bio will offset losses from the drop in Anpac Bio's long position.| Blueprint Medicines vs. Terns Pharmaceuticals | Blueprint Medicines vs. Amylyx Pharmaceuticals | Blueprint Medicines vs. Acumen Pharmaceuticals | Blueprint Medicines vs. Inozyme Pharma |
| Anpac Bio vs. Anebulo Pharmaceuticals | Anpac Bio vs. Aerovate Therapeutics | Anpac Bio vs. Acrivon Therapeutics, Common | Anpac Bio vs. Opthea |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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