Correlation Between Freeline Therapeutics and Bio Path
Can any of the company-specific risk be diversified away by investing in both Freeline Therapeutics and Bio Path 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 Freeline Therapeutics and Bio Path into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Freeline Therapeutics Holdings and Bio Path Holdings, you can compare the effects of market volatilities on Freeline Therapeutics and Bio Path 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 Freeline Therapeutics with a short position of Bio Path. Check out your portfolio center. Please also check ongoing floating volatility patterns of Freeline Therapeutics and Bio Path.
Diversification Opportunities for Freeline Therapeutics and Bio Path
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Freeline and Bio is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Freeline Therapeutics Holdings and Bio Path Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bio Path Holdings and Freeline 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 Freeline Therapeutics Holdings are associated (or correlated) with Bio Path. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bio Path Holdings has no effect on the direction of Freeline Therapeutics i.e., Freeline Therapeutics and Bio Path go up and down completely randomly.
Pair Corralation between Freeline Therapeutics and Bio Path
If you would invest 431.00 in Freeline Therapeutics Holdings on August 25, 2024 and sell it today you would earn a total of 0.00 from holding Freeline Therapeutics Holdings or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 1.54% |
| Values | Daily Returns |
Freeline Therapeutics Holdings vs. Bio Path Holdings
Performance |
| Timeline |
| Freeline Therapeutics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Bio Path Holdings |
Freeline Therapeutics and Bio Path Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Freeline Therapeutics and Bio Path
The main advantage of trading using opposite Freeline Therapeutics and Bio Path positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Freeline Therapeutics position performs unexpectedly, Bio Path 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 Bio Path will offset losses from the drop in Bio Path's long position.| Freeline Therapeutics vs. Cns Pharmaceuticals | Freeline Therapeutics vs. ZyVersa Therapeutics | Freeline Therapeutics vs. Immix Biopharma | Freeline Therapeutics vs. Hepion Pharmaceuticals |
| Bio Path vs. Capricor Therapeutics | Bio Path vs. NextCure | Bio Path vs. Pulmatrix | Bio Path vs. Crinetics Pharmaceuticals |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |