Correlation Between Icosavax and Bolt Biotherapeutics
Can any of the company-specific risk be diversified away by investing in both Icosavax and Bolt Biotherapeutics 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 Bolt Biotherapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Icosavax and Bolt Biotherapeutics, you can compare the effects of market volatilities on Icosavax and Bolt Biotherapeutics 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 Bolt Biotherapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Icosavax and Bolt Biotherapeutics.
Diversification Opportunities for Icosavax and Bolt Biotherapeutics
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Icosavax and Bolt is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding Icosavax and Bolt Biotherapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bolt Biotherapeutics 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 Bolt Biotherapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bolt Biotherapeutics has no effect on the direction of Icosavax i.e., Icosavax and Bolt Biotherapeutics go up and down completely randomly.
Pair Corralation between Icosavax and Bolt Biotherapeutics
If you would invest 902.00 in Icosavax on November 2, 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 | 5.0% |
| Values | Daily Returns |
Icosavax vs. Bolt Biotherapeutics
Performance |
| Timeline |
| Icosavax |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Bolt Biotherapeutics |
Icosavax and Bolt Biotherapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Icosavax and Bolt Biotherapeutics
The main advantage of trading using opposite Icosavax and Bolt Biotherapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Icosavax position performs unexpectedly, Bolt Biotherapeutics 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 Bolt Biotherapeutics will offset losses from the drop in Bolt Biotherapeutics' long position.| Icosavax vs. Terns Pharmaceuticals | Icosavax vs. Amylyx Pharmaceuticals | Icosavax vs. Acumen Pharmaceuticals | Icosavax vs. Inozyme Pharma |
| Bolt Biotherapeutics vs. Assembly Biosciences | Bolt Biotherapeutics vs. Instil Bio | Bolt Biotherapeutics vs. CytomX Therapeutics | Bolt Biotherapeutics vs. Achilles Therapeutics PLC |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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