Correlation Between MAIA Biotechnology and Replimune
Can any of the company-specific risk be diversified away by investing in both MAIA Biotechnology and Replimune 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 Replimune into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MAIA Biotechnology and Replimune Group, you can compare the effects of market volatilities on MAIA Biotechnology and Replimune 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 Replimune. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAIA Biotechnology and Replimune.
Diversification Opportunities for MAIA Biotechnology and Replimune
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between MAIA and Replimune is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding MAIA Biotechnology and Replimune Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Replimune Group 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 Replimune. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Replimune Group has no effect on the direction of MAIA Biotechnology i.e., MAIA Biotechnology and Replimune go up and down completely randomly.
Pair Corralation between MAIA Biotechnology and Replimune
Given the investment horizon of 90 days MAIA Biotechnology is expected to generate 1.13 times more return on investment than Replimune. However, MAIA Biotechnology is 1.13 times more volatile than Replimune Group. It trades about 0.03 of its potential returns per unit of risk. Replimune Group is currently generating about 0.03 per unit of risk. If you would invest 200.00 in MAIA Biotechnology on August 25, 2024 and sell it today you would earn a total of 8.00 from holding MAIA Biotechnology or generate 4.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MAIA Biotechnology vs. Replimune Group
Performance |
| Timeline |
| MAIA Biotechnology |
| Replimune Group |
MAIA Biotechnology and Replimune Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAIA Biotechnology and Replimune
The main advantage of trading using opposite MAIA Biotechnology and Replimune positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAIA Biotechnology position performs unexpectedly, Replimune 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 Replimune will offset losses from the drop in Replimune's long position.| MAIA Biotechnology vs. Lineage Cell Therapeutics | MAIA Biotechnology vs. Armata Pharmaceuticals | MAIA Biotechnology vs. Portage Biotech | MAIA Biotechnology vs. Larimar Therapeutics |
| Replimune vs. Nuvalent | Replimune vs. Ventyx Biosciences | Replimune vs. Ascendis Pharma AS | Replimune vs. United 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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