Correlation Between G1 Therapeutics and CytomX Therapeutics
Can any of the company-specific risk be diversified away by investing in both G1 Therapeutics and CytomX 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 G1 Therapeutics and CytomX Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between G1 Therapeutics and CytomX Therapeutics, you can compare the effects of market volatilities on G1 Therapeutics and CytomX 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 G1 Therapeutics with a short position of CytomX Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of G1 Therapeutics and CytomX Therapeutics.
Diversification Opportunities for G1 Therapeutics and CytomX Therapeutics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GTHX and CytomX is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding G1 Therapeutics and CytomX Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CytomX Therapeutics and G1 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 G1 Therapeutics are associated (or correlated) with CytomX Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CytomX Therapeutics has no effect on the direction of G1 Therapeutics i.e., G1 Therapeutics and CytomX Therapeutics go up and down completely randomly.
Pair Corralation between G1 Therapeutics and CytomX Therapeutics
If you would invest 165.00 in CytomX Therapeutics on January 10, 2025 and sell it today you would lose (115.00) from holding CytomX Therapeutics or give up 69.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
G1 Therapeutics vs. CytomX Therapeutics
Performance |
| Timeline |
| G1 Therapeutics |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| CytomX Therapeutics |
G1 Therapeutics and CytomX Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G1 Therapeutics and CytomX Therapeutics
The main advantage of trading using opposite G1 Therapeutics and CytomX Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G1 Therapeutics position performs unexpectedly, CytomX 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 CytomX Therapeutics will offset losses from the drop in CytomX Therapeutics' long position.| G1 Therapeutics vs. Allogene Therapeutics | G1 Therapeutics vs. Heron Therapeuti | G1 Therapeutics vs. Annexon | G1 Therapeutics vs. Sangamo Therapeutics |
| CytomX Therapeutics vs. Spero Therapeutics | CytomX Therapeutics vs. Instil Bio | CytomX Therapeutics vs. NextCure | CytomX Therapeutics vs. Assembly Biosciences |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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