Correlation Between Hillstream Biopharma and Exicure
Can any of the company-specific risk be diversified away by investing in both Hillstream Biopharma and Exicure 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 Hillstream Biopharma and Exicure into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hillstream Biopharma and Exicure, you can compare the effects of market volatilities on Hillstream Biopharma and Exicure 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 Hillstream Biopharma with a short position of Exicure. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hillstream Biopharma and Exicure.
Diversification Opportunities for Hillstream Biopharma and Exicure
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hillstream and Exicure is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Hillstream Biopharma and Exicure in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Exicure and Hillstream Biopharma 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 Hillstream Biopharma are associated (or correlated) with Exicure. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exicure has no effect on the direction of Hillstream Biopharma i.e., Hillstream Biopharma and Exicure go up and down completely randomly.
Pair Corralation between Hillstream Biopharma and Exicure
Given the investment horizon of 90 days Hillstream Biopharma is expected to generate 1.14 times less return on investment than Exicure. In addition to that, Hillstream Biopharma is 1.12 times more volatile than Exicure. It trades about 0.05 of its total potential returns per unit of risk. Exicure is currently generating about 0.07 per unit of volatility. If you would invest 530.00 in Exicure on August 26, 2024 and sell it today you would earn a total of 1,308 from holding Exicure or generate 246.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 31.79% |
| Values | Daily Returns |
Hillstream Biopharma vs. Exicure
Performance |
| Timeline |
| Hillstream Biopharma |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Exicure |
Hillstream Biopharma and Exicure Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hillstream Biopharma and Exicure
The main advantage of trading using opposite Hillstream Biopharma and Exicure positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hillstream Biopharma position performs unexpectedly, Exicure 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 Exicure will offset losses from the drop in Exicure's long position.| Hillstream Biopharma vs. Virax Biolabs Group | Hillstream Biopharma vs. Revelation Biosciences | Hillstream Biopharma vs. Kiora Pharmaceuticals | Hillstream Biopharma vs. ZyVersa Therapeutics |
| Exicure vs. Ikena Oncology | Exicure vs. Eliem Therapeutics | Exicure vs. HCW Biologics | Exicure vs. RenovoRx |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |