Correlation Between Altamira Therapeutics and Histogen
Can any of the company-specific risk be diversified away by investing in both Altamira Therapeutics and Histogen 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 Altamira Therapeutics and Histogen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Altamira Therapeutics and Histogen, you can compare the effects of market volatilities on Altamira Therapeutics and Histogen 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 Altamira Therapeutics with a short position of Histogen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Altamira Therapeutics and Histogen.
Diversification Opportunities for Altamira Therapeutics and Histogen
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Altamira and Histogen is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Altamira Therapeutics and Histogen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Histogen and Altamira 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 Altamira Therapeutics are associated (or correlated) with Histogen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Histogen has no effect on the direction of Altamira Therapeutics i.e., Altamira Therapeutics and Histogen go up and down completely randomly.
Pair Corralation between Altamira Therapeutics and Histogen
Given the investment horizon of 90 days Altamira Therapeutics is expected to generate 0.2 times more return on investment than Histogen. However, Altamira Therapeutics is 4.93 times less risky than Histogen. It trades about -0.15 of its potential returns per unit of risk. Histogen is currently generating about -0.2 per unit of risk. If you would invest 50.00 in Altamira Therapeutics on August 25, 2024 and sell it today you would lose (8.00) from holding Altamira Therapeutics or give up 16.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Altamira Therapeutics vs. Histogen
Performance |
| Timeline |
| Altamira Therapeutics |
| Histogen |
Altamira Therapeutics and Histogen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Altamira Therapeutics and Histogen
The main advantage of trading using opposite Altamira Therapeutics and Histogen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Altamira Therapeutics position performs unexpectedly, Histogen 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 Histogen will offset losses from the drop in Histogen's long position.| Altamira Therapeutics vs. Pyxis Oncology | Altamira Therapeutics vs. Zura Bio Limited | Altamira Therapeutics vs. Elevation Oncology | Altamira Therapeutics vs. Immix Biopharma |
| Histogen vs. Virax Biolabs Group | Histogen vs. Altamira Therapeutics | Histogen vs. Aileron Therapeutics | Histogen vs. Artelo Biosciences |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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