Correlation Between Calithera Biosciences and Affimed NV
Can any of the company-specific risk be diversified away by investing in both Calithera Biosciences and Affimed NV 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 Calithera Biosciences and Affimed NV into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calithera Biosciences and Affimed NV, you can compare the effects of market volatilities on Calithera Biosciences and Affimed NV 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 Calithera Biosciences with a short position of Affimed NV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calithera Biosciences and Affimed NV.
Diversification Opportunities for Calithera Biosciences and Affimed NV
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Calithera and Affimed is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Calithera Biosciences and Affimed NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Affimed NV and Calithera Biosciences 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 Calithera Biosciences are associated (or correlated) with Affimed NV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Affimed NV has no effect on the direction of Calithera Biosciences i.e., Calithera Biosciences and Affimed NV go up and down completely randomly.
Pair Corralation between Calithera Biosciences and Affimed NV
If you would invest 102.00 in Affimed NV on November 28, 2024 and sell it today you would earn a total of 3.00 from holding Affimed NV or generate 2.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Calithera Biosciences vs. Affimed NV
Performance |
| Timeline |
| Calithera Biosciences |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Affimed NV |
Calithera Biosciences and Affimed NV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calithera Biosciences and Affimed NV
The main advantage of trading using opposite Calithera Biosciences and Affimed NV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calithera Biosciences position performs unexpectedly, Affimed NV 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 Affimed NV will offset losses from the drop in Affimed NV's long position.| Calithera Biosciences vs. Abeona Therapeutics | Calithera Biosciences vs. Affimed NV | Calithera Biosciences vs. Checkpoint Therapeutics | Calithera Biosciences vs. Adaptimmune Therapeutics Plc |
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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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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