Correlation Between Leap Therapeutics and Apexigen
Can any of the company-specific risk be diversified away by investing in both Leap Therapeutics and Apexigen 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 Leap Therapeutics and Apexigen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Leap Therapeutics and Apexigen, you can compare the effects of market volatilities on Leap Therapeutics and Apexigen 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 Leap Therapeutics with a short position of Apexigen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Leap Therapeutics and Apexigen.
Diversification Opportunities for Leap Therapeutics and Apexigen
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Leap and Apexigen is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Leap Therapeutics and Apexigen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apexigen and Leap Therapeutics 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 Leap Therapeutics are associated (or correlated) with Apexigen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apexigen has no effect on the direction of Leap Therapeutics i.e., Leap Therapeutics and Apexigen go up and down completely randomly.
Pair Corralation between Leap Therapeutics and Apexigen
If you would invest 43.00 in Apexigen on November 4, 2024 and sell it today you would earn a total of 0.00 from holding Apexigen or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 5.0% |
| Values | Daily Returns |
Leap Therapeutics vs. Apexigen
Performance |
| Timeline |
| Leap Therapeutics |
| Apexigen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Leap Therapeutics and Apexigen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Leap Therapeutics and Apexigen
The main advantage of trading using opposite Leap Therapeutics and Apexigen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Leap Therapeutics position performs unexpectedly, Apexigen 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 Apexigen will offset losses from the drop in Apexigen's long position.| Leap Therapeutics vs. X4 Pharmaceuticals | Leap Therapeutics vs. Terns Pharmaceuticals | Leap Therapeutics vs. Day One Biopharmaceuticals | Leap Therapeutics vs. PDS Biotechnology Corp |
| Apexigen vs. Leap Therapeutics | Apexigen vs. Zura Bio Limited | Apexigen vs. X4 Pharmaceuticals | Apexigen vs. Phio Pharmaceuticals 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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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