Correlation Between FIXX Old and AnaptysBio
Can any of the company-specific risk be diversified away by investing in both FIXX Old and AnaptysBio 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 FIXX Old and AnaptysBio into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FIXX Old and AnaptysBio, you can compare the effects of market volatilities on FIXX Old and AnaptysBio 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 FIXX Old with a short position of AnaptysBio. Check out your portfolio center. Please also check ongoing floating volatility patterns of FIXX Old and AnaptysBio.
Diversification Opportunities for FIXX Old and AnaptysBio
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between FIXX and AnaptysBio is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding FIXX Old and AnaptysBio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AnaptysBio and FIXX Old 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 FIXX Old are associated (or correlated) with AnaptysBio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AnaptysBio has no effect on the direction of FIXX Old i.e., FIXX Old and AnaptysBio go up and down completely randomly.
Pair Corralation between FIXX Old and AnaptysBio
If you would invest 1,389 in AnaptysBio on October 25, 2024 and sell it today you would earn a total of 299.00 from holding AnaptysBio or generate 21.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 5.56% |
| Values | Daily Returns |
FIXX Old vs. AnaptysBio
Performance |
| Timeline |
| FIXX Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| AnaptysBio |
FIXX Old and AnaptysBio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FIXX Old and AnaptysBio
The main advantage of trading using opposite FIXX Old and AnaptysBio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FIXX Old position performs unexpectedly, AnaptysBio 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 AnaptysBio will offset losses from the drop in AnaptysBio's long position.| FIXX Old vs. Passage Bio | FIXX Old vs. Stoke Therapeutics | FIXX Old vs. Adaptimmune Therapeutics Plc | FIXX Old vs. Black Diamond Therapeutics |
| AnaptysBio vs. Crinetics Pharmaceuticals | AnaptysBio vs. Rhythm Pharmaceuticals | AnaptysBio vs. Kura Oncology | AnaptysBio vs. CytomX 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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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