Correlation Between PepGen and Champions Oncology
Can any of the company-specific risk be diversified away by investing in both PepGen and Champions Oncology 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 Champions Oncology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PepGen and Champions Oncology, you can compare the effects of market volatilities on PepGen and Champions Oncology 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 Champions Oncology. Check out your portfolio center. Please also check ongoing floating volatility patterns of PepGen and Champions Oncology.
Diversification Opportunities for PepGen and Champions Oncology
-0.88 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PepGen and Champions is -0.88. Overlapping area represents the amount of risk that can be diversified away by holding PepGen and Champions Oncology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Champions Oncology 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 Champions Oncology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Champions Oncology has no effect on the direction of PepGen i.e., PepGen and Champions Oncology go up and down completely randomly.
Pair Corralation between PepGen and Champions Oncology
Given the investment horizon of 90 days PepGen is expected to under-perform the Champions Oncology. In addition to that, PepGen is 1.11 times more volatile than Champions Oncology. It trades about -0.35 of its total potential returns per unit of risk. Champions Oncology is currently generating about 0.29 per unit of volatility. If you would invest 424.00 in Champions Oncology on November 2, 2024 and sell it today you would earn a total of 646.00 from holding Champions Oncology or generate 152.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PepGen vs. Champions Oncology
Performance |
| Timeline |
| PepGen |
| Champions Oncology |
PepGen and Champions Oncology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PepGen and Champions Oncology
The main advantage of trading using opposite PepGen and Champions Oncology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PepGen position performs unexpectedly, Champions Oncology 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 Champions Oncology will offset losses from the drop in Champions Oncology's long position.| PepGen vs. Pmv Pharmaceuticals | PepGen vs. MediciNova | PepGen vs. Pharvaris BV | PepGen vs. Molecular Partners AG |
| Champions Oncology vs. Molecular Partners AG | Champions Oncology vs. MediciNova | Champions Oncology vs. Anebulo Pharmaceuticals | Champions Oncology vs. Shattuck Labs |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |