Correlation Between Nurix Therapeutics and Accolade
Can any of the company-specific risk be diversified away by investing in both Nurix Therapeutics and Accolade 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 Nurix Therapeutics and Accolade into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nurix Therapeutics and Accolade, you can compare the effects of market volatilities on Nurix Therapeutics and Accolade 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 Nurix Therapeutics with a short position of Accolade. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nurix Therapeutics and Accolade.
Diversification Opportunities for Nurix Therapeutics and Accolade
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Nurix and Accolade is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Nurix Therapeutics and Accolade in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accolade and Nurix 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 Nurix Therapeutics are associated (or correlated) with Accolade. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accolade has no effect on the direction of Nurix Therapeutics i.e., Nurix Therapeutics and Accolade go up and down completely randomly.
Pair Corralation between Nurix Therapeutics and Accolade
Given the investment horizon of 90 days Nurix Therapeutics is expected to generate 1.06 times more return on investment than Accolade. However, Nurix Therapeutics is 1.06 times more volatile than Accolade. It trades about 0.07 of its potential returns per unit of risk. Accolade is currently generating about -0.04 per unit of risk. If you would invest 922.00 in Nurix Therapeutics on August 30, 2024 and sell it today you would earn a total of 1,201 from holding Nurix Therapeutics or generate 130.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nurix Therapeutics vs. Accolade
Performance |
| Timeline |
| Nurix Therapeutics |
| Accolade |
Nurix Therapeutics and Accolade Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nurix Therapeutics and Accolade
The main advantage of trading using opposite Nurix Therapeutics and Accolade positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nurix Therapeutics position performs unexpectedly, Accolade 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 Accolade will offset losses from the drop in Accolade's long position.| Nurix Therapeutics vs. Foghorn Therapeutics | Nurix Therapeutics vs. Shattuck Labs | Nurix Therapeutics vs. Monte Rosa Therapeutics | Nurix Therapeutics vs. Kymera Therapeutics |
| Accolade vs. Privia Health Group | Accolade vs. HealthStream | Accolade vs. National Research Corp | Accolade vs. Health Catalyst |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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