Correlation Between In8bio and Angion Biomedica
Can any of the company-specific risk be diversified away by investing in both In8bio and Angion Biomedica 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 In8bio and Angion Biomedica into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between In8bio Inc and Angion Biomedica Corp, you can compare the effects of market volatilities on In8bio and Angion Biomedica 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 In8bio with a short position of Angion Biomedica. Check out your portfolio center. Please also check ongoing floating volatility patterns of In8bio and Angion Biomedica.
Diversification Opportunities for In8bio and Angion Biomedica
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between In8bio and Angion is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding In8bio Inc and Angion Biomedica Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Angion Biomedica Corp and In8bio 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 In8bio Inc are associated (or correlated) with Angion Biomedica. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Angion Biomedica Corp has no effect on the direction of In8bio i.e., In8bio and Angion Biomedica go up and down completely randomly.
Pair Corralation between In8bio and Angion Biomedica
If you would invest 28.00 in In8bio Inc on September 1, 2024 and sell it today you would earn a total of 2.00 from holding In8bio Inc or generate 7.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
In8bio Inc vs. Angion Biomedica Corp
Performance |
| Timeline |
| In8bio Inc |
| Angion Biomedica Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
In8bio and Angion Biomedica Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with In8bio and Angion Biomedica
The main advantage of trading using opposite In8bio and Angion Biomedica positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if In8bio position performs unexpectedly, Angion Biomedica 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 Angion Biomedica will offset losses from the drop in Angion Biomedica's long position.| In8bio vs. Tff Pharmaceuticals | In8bio vs. Eliem Therapeutics | In8bio vs. Inhibrx | In8bio vs. Enliven Therapeutics |
| Angion Biomedica vs. Apollomics Class A | Angion Biomedica vs. Pyxis Oncology | Angion Biomedica vs. Zura Bio Limited | Angion Biomedica vs. Altamira Therapeutics |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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