Correlation Between Esperion Therapeutics and STATE
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By analyzing existing cross correlation between Esperion Therapeutics and STATE STREET P, you can compare the effects of market volatilities on Esperion Therapeutics and STATE 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 Esperion Therapeutics with a short position of STATE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Esperion Therapeutics and STATE.
Diversification Opportunities for Esperion Therapeutics and STATE
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Esperion and STATE is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Esperion Therapeutics and STATE STREET P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STATE STREET P and Esperion 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 Esperion Therapeutics are associated (or correlated) with STATE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STATE STREET P has no effect on the direction of Esperion Therapeutics i.e., Esperion Therapeutics and STATE go up and down completely randomly.
Pair Corralation between Esperion Therapeutics and STATE
Given the investment horizon of 90 days Esperion Therapeutics is expected to generate 10.47 times more return on investment than STATE. However, Esperion Therapeutics is 10.47 times more volatile than STATE STREET P. It trades about 0.5 of its potential returns per unit of risk. STATE STREET P is currently generating about 0.2 per unit of risk. If you would invest 200.00 in Esperion Therapeutics on September 5, 2024 and sell it today you would earn a total of 166.00 from holding Esperion Therapeutics or generate 83.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
Esperion Therapeutics vs. STATE STREET P
Performance |
| Timeline |
| Esperion Therapeutics |
| STATE STREET P |
Esperion Therapeutics and STATE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Esperion Therapeutics and STATE
The main advantage of trading using opposite Esperion Therapeutics and STATE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Esperion Therapeutics position performs unexpectedly, STATE 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 STATE will offset losses from the drop in STATE's long position.| Esperion Therapeutics vs. Candel Therapeutics | Esperion Therapeutics vs. Cingulate Warrants | Esperion Therapeutics vs. Unicycive Therapeutics | Esperion Therapeutics vs. Cardio Diagnostics Holdings |
| STATE vs. Aquestive Therapeutics | STATE vs. Sonida Senior Living | STATE vs. Merit Medical Systems | STATE vs. Esperion Therapeutics |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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