Correlation Between Curis and Vaccinex
Can any of the company-specific risk be diversified away by investing in both Curis and Vaccinex 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 Curis and Vaccinex into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Curis Inc and Vaccinex, you can compare the effects of market volatilities on Curis and Vaccinex 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 Curis with a short position of Vaccinex. Check out your portfolio center. Please also check ongoing floating volatility patterns of Curis and Vaccinex.
Diversification Opportunities for Curis and Vaccinex
Good diversification
The 3 months correlation between Curis and Vaccinex is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Curis Inc and Vaccinex in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vaccinex and Curis 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 Curis Inc are associated (or correlated) with Vaccinex. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vaccinex has no effect on the direction of Curis i.e., Curis and Vaccinex go up and down completely randomly.
Pair Corralation between Curis and Vaccinex
Given the investment horizon of 90 days Curis Inc is expected to generate 0.51 times more return on investment than Vaccinex. However, Curis Inc is 1.97 times less risky than Vaccinex. It trades about -0.06 of its potential returns per unit of risk. Vaccinex is currently generating about -0.12 per unit of risk. If you would invest 492.00 in Curis Inc on October 26, 2024 and sell it today you would lose (149.00) from holding Curis Inc or give up 30.28% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 74.58% |
| Values | Daily Returns |
Curis Inc vs. Vaccinex
Performance |
| Timeline |
| Curis Inc |
| Vaccinex |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Curis and Vaccinex Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Curis and Vaccinex
The main advantage of trading using opposite Curis and Vaccinex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Curis position performs unexpectedly, Vaccinex 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 Vaccinex will offset losses from the drop in Vaccinex's long position.| Curis vs. Artelo Biosciences | Curis vs. Histogen | Curis vs. X4 Pharmaceuticals | Curis vs. Mereo BioPharma Group |
| Vaccinex vs. Protara Therapeutics | Vaccinex vs. Monopar Therapeutics | Vaccinex vs. Surrozen | Vaccinex vs. Salarius Pharmaceuticals |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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