Correlation Between Marker Therapeutics and AN2 Therapeutics
Can any of the company-specific risk be diversified away by investing in both Marker Therapeutics and AN2 Therapeutics 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 Marker Therapeutics and AN2 Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Marker Therapeutics and AN2 Therapeutics, you can compare the effects of market volatilities on Marker Therapeutics and AN2 Therapeutics 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 Marker Therapeutics with a short position of AN2 Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marker Therapeutics and AN2 Therapeutics.
Diversification Opportunities for Marker Therapeutics and AN2 Therapeutics
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Marker and AN2 is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Marker Therapeutics and AN2 Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AN2 Therapeutics and Marker 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 Marker Therapeutics are associated (or correlated) with AN2 Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AN2 Therapeutics has no effect on the direction of Marker Therapeutics i.e., Marker Therapeutics and AN2 Therapeutics go up and down completely randomly.
Pair Corralation between Marker Therapeutics and AN2 Therapeutics
Given the investment horizon of 90 days Marker Therapeutics is expected to generate 1.04 times more return on investment than AN2 Therapeutics. However, Marker Therapeutics is 1.04 times more volatile than AN2 Therapeutics. It trades about 0.04 of its potential returns per unit of risk. AN2 Therapeutics is currently generating about -0.01 per unit of risk. If you would invest 347.00 in Marker Therapeutics on September 12, 2024 and sell it today you would earn a total of 51.00 from holding Marker Therapeutics or generate 14.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Marker Therapeutics vs. AN2 Therapeutics
Performance |
| Timeline |
| Marker Therapeutics |
| AN2 Therapeutics |
Marker Therapeutics and AN2 Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marker Therapeutics and AN2 Therapeutics
The main advantage of trading using opposite Marker Therapeutics and AN2 Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marker Therapeutics position performs unexpectedly, AN2 Therapeutics 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 AN2 Therapeutics will offset losses from the drop in AN2 Therapeutics' long position.| Marker Therapeutics vs. Lumos Pharma | Marker Therapeutics vs. Exicure | Marker Therapeutics vs. Protagenic Therapeutics | Marker Therapeutics vs. Pmv Pharmaceuticals |
| AN2 Therapeutics vs. Equillium | AN2 Therapeutics vs. DiaMedica Therapeutics | AN2 Therapeutics vs. Valneva SE ADR | AN2 Therapeutics vs. Vivani Medical |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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