Correlation Between Icosavax and Affimed NV
Can any of the company-specific risk be diversified away by investing in both Icosavax and Affimed NV 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 Icosavax and Affimed NV into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Icosavax and Affimed NV, you can compare the effects of market volatilities on Icosavax and Affimed NV 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 Icosavax with a short position of Affimed NV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Icosavax and Affimed NV.
Diversification Opportunities for Icosavax and Affimed NV
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Icosavax and Affimed is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Icosavax and Affimed NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Affimed NV and Icosavax 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 Icosavax are associated (or correlated) with Affimed NV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Affimed NV has no effect on the direction of Icosavax i.e., Icosavax and Affimed NV go up and down completely randomly.
Pair Corralation between Icosavax and Affimed NV
If you would invest 902.00 in Icosavax on August 29, 2024 and sell it today you would earn a total of 0.00 from holding Icosavax or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.35% |
| Values | Daily Returns |
Icosavax vs. Affimed NV
Performance |
| Timeline |
| Icosavax |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Affimed NV |
Icosavax and Affimed NV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Icosavax and Affimed NV
The main advantage of trading using opposite Icosavax and Affimed NV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Icosavax position performs unexpectedly, Affimed NV 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 Affimed NV will offset losses from the drop in Affimed NV's long position.| Icosavax vs. Terns Pharmaceuticals | Icosavax vs. Amylyx Pharmaceuticals | Icosavax vs. Acumen Pharmaceuticals | Icosavax vs. Inozyme Pharma |
| Affimed NV vs. Bright Minds Biosciences | Affimed NV vs. HP Inc | Affimed NV vs. Intel | Affimed NV vs. Chevron Corp |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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