Correlation Between Kineta and Exicure
Can any of the company-specific risk be diversified away by investing in both Kineta 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 Kineta and Exicure into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kineta Inc and Exicure, you can compare the effects of market volatilities on Kineta 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 Kineta with a short position of Exicure. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kineta and Exicure.
Diversification Opportunities for Kineta and Exicure
Very good diversification
The 3 months correlation between Kineta and Exicure is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Kineta Inc and Exicure in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Exicure and Kineta 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 Kineta Inc 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 Kineta i.e., Kineta and Exicure go up and down completely randomly.
Pair Corralation between Kineta and Exicure
Allowing for the 90-day total investment horizon Kineta Inc is expected to under-perform the Exicure. But the stock apears to be less risky and, when comparing its historical volatility, Kineta Inc is 7.2 times less risky than Exicure. The stock trades about -0.51 of its potential returns per unit of risk. The Exicure is currently generating about 0.5 of returns per unit of risk over similar time horizon. If you would invest 303.00 in Exicure on September 1, 2024 and sell it today you would earn a total of 2,646 from holding Exicure or generate 873.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 76.19% |
| Values | Daily Returns |
Kineta Inc vs. Exicure
Performance |
| Timeline |
| Kineta Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Exicure |
Kineta and Exicure Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kineta and Exicure
The main advantage of trading using opposite Kineta and Exicure positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kineta 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.| Kineta vs. Rezolute | Kineta vs. XOMA Corporation | Kineta vs. Protagenic Therapeutics | Kineta vs. Tempest 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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