Correlation Between MAIA Biotechnology and Kineta
Can any of the company-specific risk be diversified away by investing in both MAIA Biotechnology and Kineta 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 Kineta into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MAIA Biotechnology and Kineta Inc, you can compare the effects of market volatilities on MAIA Biotechnology and Kineta 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 Kineta. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAIA Biotechnology and Kineta.
Diversification Opportunities for MAIA Biotechnology and Kineta
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between MAIA and Kineta is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding MAIA Biotechnology and Kineta Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kineta Inc 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 Kineta. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kineta Inc has no effect on the direction of MAIA Biotechnology i.e., MAIA Biotechnology and Kineta go up and down completely randomly.
Pair Corralation between MAIA Biotechnology and Kineta
If you would invest 48.00 in Kineta Inc on October 26, 2024 and sell it today you would earn a total of 0.00 from holding Kineta Inc or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 2.5% |
| Values | Daily Returns |
MAIA Biotechnology vs. Kineta Inc
Performance |
| Timeline |
| MAIA Biotechnology |
| Kineta Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
MAIA Biotechnology and Kineta Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAIA Biotechnology and Kineta
The main advantage of trading using opposite MAIA Biotechnology and Kineta positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAIA Biotechnology position performs unexpectedly, Kineta 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 Kineta will offset losses from the drop in Kineta's long position.| MAIA Biotechnology vs. Lineage Cell Therapeutics | MAIA Biotechnology vs. Armata Pharmaceuticals | MAIA Biotechnology vs. Portage Biotech | MAIA Biotechnology vs. Larimar Therapeutics |
| Kineta vs. Rezolute | Kineta vs. XOMA Corporation | Kineta vs. Protagenic Therapeutics | Kineta vs. Tempest 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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