Correlation Between Quoin Pharmaceuticals and Apexigen
Can any of the company-specific risk be diversified away by investing in both Quoin Pharmaceuticals and Apexigen 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 Quoin Pharmaceuticals and Apexigen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Quoin Pharmaceuticals Ltd and Apexigen, you can compare the effects of market volatilities on Quoin Pharmaceuticals and Apexigen 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 Quoin Pharmaceuticals with a short position of Apexigen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Quoin Pharmaceuticals and Apexigen.
Diversification Opportunities for Quoin Pharmaceuticals and Apexigen
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Quoin and Apexigen is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Quoin Pharmaceuticals Ltd and Apexigen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apexigen and Quoin Pharmaceuticals 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 Quoin Pharmaceuticals Ltd are associated (or correlated) with Apexigen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apexigen has no effect on the direction of Quoin Pharmaceuticals i.e., Quoin Pharmaceuticals and Apexigen go up and down completely randomly.
Pair Corralation between Quoin Pharmaceuticals and Apexigen
Given the investment horizon of 90 days Quoin Pharmaceuticals Ltd is expected to under-perform the Apexigen. In addition to that, Quoin Pharmaceuticals is 2.05 times more volatile than Apexigen. It trades about -0.05 of its total potential returns per unit of risk. Apexigen is currently generating about -0.1 per unit of volatility. If you would invest 49.00 in Apexigen on August 31, 2024 and sell it today you would lose (6.00) from holding Apexigen or give up 12.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 8.58% |
| Values | Daily Returns |
Quoin Pharmaceuticals Ltd vs. Apexigen
Performance |
| Timeline |
| Quoin Pharmaceuticals |
| Apexigen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Quoin Pharmaceuticals and Apexigen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Quoin Pharmaceuticals and Apexigen
The main advantage of trading using opposite Quoin Pharmaceuticals and Apexigen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Quoin Pharmaceuticals position performs unexpectedly, Apexigen 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 Apexigen will offset losses from the drop in Apexigen's long position.| Quoin Pharmaceuticals vs. Revelation Biosciences | Quoin Pharmaceuticals vs. Virax Biolabs Group | Quoin Pharmaceuticals vs. Neurobo Pharmaceuticals | Quoin Pharmaceuticals vs. Allarity Therapeutics |
| Apexigen vs. Leap Therapeutics | Apexigen vs. Zura Bio Limited | Apexigen vs. X4 Pharmaceuticals | Apexigen vs. Phio Pharmaceuticals Corp |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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