Correlation Between Pyxis Oncology and Candel Therapeutics
Can any of the company-specific risk be diversified away by investing in both Pyxis Oncology and Candel 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 Pyxis Oncology and Candel Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pyxis Oncology and Candel Therapeutics, you can compare the effects of market volatilities on Pyxis Oncology and Candel 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 Pyxis Oncology with a short position of Candel Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pyxis Oncology and Candel Therapeutics.
Diversification Opportunities for Pyxis Oncology and Candel Therapeutics
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Pyxis and Candel is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Pyxis Oncology and Candel Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Candel Therapeutics and Pyxis Oncology 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 Pyxis Oncology are associated (or correlated) with Candel Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Candel Therapeutics has no effect on the direction of Pyxis Oncology i.e., Pyxis Oncology and Candel Therapeutics go up and down completely randomly.
Pair Corralation between Pyxis Oncology and Candel Therapeutics
Given the investment horizon of 90 days Pyxis Oncology is expected to under-perform the Candel Therapeutics. In addition to that, Pyxis Oncology is 1.48 times more volatile than Candel Therapeutics. It trades about -0.39 of its total potential returns per unit of risk. Candel Therapeutics is currently generating about 0.03 per unit of volatility. If you would invest 465.00 in Candel Therapeutics on September 12, 2024 and sell it today you would lose (4.00) from holding Candel Therapeutics or give up 0.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Pyxis Oncology vs. Candel Therapeutics
Performance |
| Timeline |
| Pyxis Oncology |
| Candel Therapeutics |
Pyxis Oncology and Candel Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pyxis Oncology and Candel Therapeutics
The main advantage of trading using opposite Pyxis Oncology and Candel Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pyxis Oncology position performs unexpectedly, Candel 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 Candel Therapeutics will offset losses from the drop in Candel Therapeutics' long position.| Pyxis Oncology vs. Zura Bio Limited | Pyxis Oncology vs. Altamira Therapeutics | Pyxis Oncology vs. Elevation Oncology | Pyxis Oncology vs. Mereo BioPharma Group |
| Candel Therapeutics vs. Aerovate Therapeutics | Candel Therapeutics vs. Adagene | Candel Therapeutics vs. Acrivon Therapeutics, Common | Candel Therapeutics vs. Rezolute |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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