Correlation Between Equillium and Repligen
Can any of the company-specific risk be diversified away by investing in both Equillium 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 Equillium and Repligen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Equillium and Repligen, you can compare the effects of market volatilities on Equillium 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 Equillium with a short position of Repligen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Equillium and Repligen.
Diversification Opportunities for Equillium and Repligen
Very good diversification
The 3 months correlation between Equillium and Repligen is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Equillium and Repligen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Repligen and Equillium 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 Equillium 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 Equillium i.e., Equillium and Repligen go up and down completely randomly.
Pair Corralation between Equillium and Repligen
Allowing for the 90-day total investment horizon Equillium is expected to under-perform the Repligen. In addition to that, Equillium is 1.5 times more volatile than Repligen. It trades about -0.23 of its total potential returns per unit of risk. Repligen is currently generating about 0.39 per unit of volatility. If you would invest 14,305 in Repligen on November 2, 2024 and sell it today you would earn a total of 2,448 from holding Repligen or generate 17.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Equillium vs. Repligen
Performance |
| Timeline |
| Equillium |
| Repligen |
Equillium and Repligen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Equillium and Repligen
The main advantage of trading using opposite Equillium and Repligen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Equillium 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.| Equillium vs. Lyra Therapeutics | Equillium vs. Hookipa Pharma | Equillium vs. Jasper Therapeutics | Equillium vs. Cingulate Warrants |
| 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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