Correlation Between PepGen and Arcturus Therapeutics
Can any of the company-specific risk be diversified away by investing in both PepGen and Arcturus 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 PepGen and Arcturus Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PepGen and Arcturus Therapeutics Holdings, you can compare the effects of market volatilities on PepGen and Arcturus 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 PepGen with a short position of Arcturus Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of PepGen and Arcturus Therapeutics.
Diversification Opportunities for PepGen and Arcturus Therapeutics
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between PepGen and Arcturus is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding PepGen and Arcturus Therapeutics Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Arcturus Therapeutics and PepGen 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 PepGen are associated (or correlated) with Arcturus Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Arcturus Therapeutics has no effect on the direction of PepGen i.e., PepGen and Arcturus Therapeutics go up and down completely randomly.
Pair Corralation between PepGen and Arcturus Therapeutics
Given the investment horizon of 90 days PepGen is expected to under-perform the Arcturus Therapeutics. In addition to that, PepGen is 1.62 times more volatile than Arcturus Therapeutics Holdings. It trades about -0.02 of its total potential returns per unit of risk. Arcturus Therapeutics Holdings is currently generating about 0.0 per unit of volatility. If you would invest 2,494 in Arcturus Therapeutics Holdings on November 28, 2024 and sell it today you would lose (838.00) from holding Arcturus Therapeutics Holdings or give up 33.6% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
PepGen vs. Arcturus Therapeutics Holdings
Performance |
| Timeline |
| PepGen |
| Arcturus Therapeutics |
PepGen and Arcturus Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PepGen and Arcturus Therapeutics
The main advantage of trading using opposite PepGen and Arcturus Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PepGen position performs unexpectedly, Arcturus 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 Arcturus Therapeutics will offset losses from the drop in Arcturus Therapeutics' long position.| PepGen vs. Pmv Pharmaceuticals | PepGen vs. MediciNova | PepGen vs. Pharvaris BV | PepGen vs. Molecular Partners AG |
| Arcturus Therapeutics vs. 89bio Inc | Arcturus Therapeutics vs. Madrigal Pharmaceuticals | Arcturus Therapeutics vs. Pliant Therapeutics | Arcturus Therapeutics vs. Arcellx |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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