Correlation Between Climb Bio and Repligen
Can any of the company-specific risk be diversified away by investing in both Climb Bio and Repligen 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 Climb Bio and Repligen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Climb Bio and Repligen, you can compare the effects of market volatilities on Climb Bio and Repligen 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 Climb Bio with a short position of Repligen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Climb Bio and Repligen.
Diversification Opportunities for Climb Bio and Repligen
Modest diversification
The 3 months correlation between Climb and Repligen is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Climb Bio and Repligen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Repligen and Climb Bio 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 Climb Bio are associated (or correlated) with Repligen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Repligen has no effect on the direction of Climb Bio i.e., Climb Bio and Repligen go up and down completely randomly.
Pair Corralation between Climb Bio and Repligen
Given the investment horizon of 90 days Climb Bio is expected to under-perform the Repligen. In addition to that, Climb Bio is 1.53 times more volatile than Repligen. It trades about -0.22 of its total potential returns per unit of risk. Repligen is currently generating about 0.01 per unit of volatility. If you would invest 15,093 in Repligen on August 30, 2024 and sell it today you would lose (94.00) from holding Repligen or give up 0.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Climb Bio vs. Repligen
Performance |
| Timeline |
| Climb Bio |
| Repligen |
Climb Bio and Repligen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Climb Bio and Repligen
The main advantage of trading using opposite Climb Bio and Repligen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Climb Bio position performs unexpectedly, Repligen 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 Repligen will offset losses from the drop in Repligen's long position.| Climb Bio vs. Algoma Steel Group | Climb Bio vs. CECO Environmental Corp | Climb Bio vs. Insteel Industries | Climb Bio vs. Allegiant Travel |
| Repligen vs. Intuitive Surgical | Repligen vs. ResMed Inc | Repligen vs. Merit Medical Systems | Repligen vs. ICU Medical |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins |