Correlation Between Frequency Therapeutics and Lyra Therapeutics
Can any of the company-specific risk be diversified away by investing in both Frequency Therapeutics and Lyra Therapeutics 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 Frequency Therapeutics and Lyra Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Frequency Therapeutics and Lyra Therapeutics, you can compare the effects of market volatilities on Frequency Therapeutics and Lyra Therapeutics 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 Frequency Therapeutics with a short position of Lyra Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Frequency Therapeutics and Lyra Therapeutics.
Diversification Opportunities for Frequency Therapeutics and Lyra Therapeutics
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Frequency and Lyra is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Frequency Therapeutics and Lyra Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lyra Therapeutics and Frequency 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 Frequency Therapeutics are associated (or correlated) with Lyra Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lyra Therapeutics has no effect on the direction of Frequency Therapeutics i.e., Frequency Therapeutics and Lyra Therapeutics go up and down completely randomly.
Pair Corralation between Frequency Therapeutics and Lyra Therapeutics
If you would invest 52.00 in Frequency Therapeutics on November 4, 2024 and sell it today you would earn a total of 0.00 from holding Frequency Therapeutics or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.26% |
| Values | Daily Returns |
Frequency Therapeutics vs. Lyra Therapeutics
Performance |
| Timeline |
| Frequency Therapeutics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Lyra Therapeutics |
Frequency Therapeutics and Lyra Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Frequency Therapeutics and Lyra Therapeutics
The main advantage of trading using opposite Frequency Therapeutics and Lyra Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Frequency Therapeutics position performs unexpectedly, Lyra Therapeutics 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 Lyra Therapeutics will offset losses from the drop in Lyra Therapeutics' long position.| Frequency Therapeutics vs. Lineage Cell Therapeutics | Frequency Therapeutics vs. MAIA Biotechnology | Frequency Therapeutics vs. Armata Pharmaceuticals | Frequency Therapeutics vs. Portage Biotech |
| Lyra Therapeutics vs. CytomX Therapeutics | Lyra Therapeutics vs. Assembly Biosciences | Lyra Therapeutics vs. Achilles Therapeutics PLC | Lyra Therapeutics vs. Instil Bio |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |