Correlation Between Candel Therapeutics and Ampio Pharm
Can any of the company-specific risk be diversified away by investing in both Candel Therapeutics and Ampio Pharm 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 Candel Therapeutics and Ampio Pharm into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Candel Therapeutics and Ampio Pharm, you can compare the effects of market volatilities on Candel Therapeutics and Ampio Pharm 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 Candel Therapeutics with a short position of Ampio Pharm. Check out your portfolio center. Please also check ongoing floating volatility patterns of Candel Therapeutics and Ampio Pharm.
Diversification Opportunities for Candel Therapeutics and Ampio Pharm
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Candel and Ampio is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Candel Therapeutics and Ampio Pharm in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ampio Pharm and Candel 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 Candel Therapeutics are associated (or correlated) with Ampio Pharm. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ampio Pharm has no effect on the direction of Candel Therapeutics i.e., Candel Therapeutics and Ampio Pharm go up and down completely randomly.
Pair Corralation between Candel Therapeutics and Ampio Pharm
If you would invest (100.00) in Ampio Pharm on January 10, 2025 and sell it today you would earn a total of 100.00 from holding Ampio Pharm or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Candel Therapeutics vs. Ampio Pharm
Performance |
| Timeline |
| Candel Therapeutics |
| Ampio Pharm |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Candel Therapeutics and Ampio Pharm Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Candel Therapeutics and Ampio Pharm
The main advantage of trading using opposite Candel Therapeutics and Ampio Pharm positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Candel Therapeutics position performs unexpectedly, Ampio Pharm 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 Ampio Pharm will offset losses from the drop in Ampio Pharm's long position.| Candel Therapeutics vs. Aerovate Therapeutics | Candel Therapeutics vs. Adagene | Candel Therapeutics vs. Acrivon Therapeutics, Common | Candel Therapeutics vs. Rezolute |
| Ampio Pharm vs. AN2 Therapeutics | Ampio Pharm vs. Monte Rosa Therapeutics | Ampio Pharm vs. Candel Therapeutics | Ampio Pharm vs. Synlogic |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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