Correlation Between MAIA Biotechnology and AGE Old
Can any of the company-specific risk be diversified away by investing in both MAIA Biotechnology and AGE Old 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 MAIA Biotechnology and AGE Old into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MAIA Biotechnology and AGE Old, you can compare the effects of market volatilities on MAIA Biotechnology and AGE Old 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 MAIA Biotechnology with a short position of AGE Old. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAIA Biotechnology and AGE Old.
Diversification Opportunities for MAIA Biotechnology and AGE Old
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between MAIA and AGE is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding MAIA Biotechnology and AGE Old in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AGE Old and MAIA Biotechnology 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 MAIA Biotechnology are associated (or correlated) with AGE Old. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AGE Old has no effect on the direction of MAIA Biotechnology i.e., MAIA Biotechnology and AGE Old go up and down completely randomly.
Pair Corralation between MAIA Biotechnology and AGE Old
Given the investment horizon of 90 days MAIA Biotechnology is expected to generate 22.81 times less return on investment than AGE Old. In addition to that, MAIA Biotechnology is 1.0 times more volatile than AGE Old. It trades about 0.0 of its total potential returns per unit of risk. AGE Old is currently generating about 0.06 per unit of volatility. If you would invest 59.00 in AGE Old on November 4, 2024 and sell it today you would earn a total of 15.00 from holding AGE Old or generate 25.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 22.63% |
| Values | Daily Returns |
MAIA Biotechnology vs. AGE Old
Performance |
| Timeline |
| MAIA Biotechnology |
| AGE Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
MAIA Biotechnology and AGE Old Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAIA Biotechnology and AGE Old
The main advantage of trading using opposite MAIA Biotechnology and AGE Old positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAIA Biotechnology position performs unexpectedly, AGE Old 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 AGE Old will offset losses from the drop in AGE Old's long position.| MAIA Biotechnology vs. Lineage Cell Therapeutics | MAIA Biotechnology vs. Armata Pharmaceuticals | MAIA Biotechnology vs. Portage Biotech | MAIA Biotechnology vs. Larimar Therapeutics |
| AGE Old vs. MAIA Biotechnology | AGE Old vs. Larimar Therapeutics | AGE Old vs. Lyra Therapeutics | AGE Old vs. Lineage Cell 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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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