Correlation Between Sellas Life and Altimar Acquisition
Can any of the company-specific risk be diversified away by investing in both Sellas Life and Altimar Acquisition 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 Sellas Life and Altimar Acquisition into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sellas Life Sciences and Altimar Acquisition Corp, you can compare the effects of market volatilities on Sellas Life and Altimar Acquisition 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 Sellas Life with a short position of Altimar Acquisition. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sellas Life and Altimar Acquisition.
Diversification Opportunities for Sellas Life and Altimar Acquisition
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sellas and Altimar is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Sellas Life Sciences and Altimar Acquisition Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Altimar Acquisition Corp and Sellas Life 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 Sellas Life Sciences are associated (or correlated) with Altimar Acquisition. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Altimar Acquisition Corp has no effect on the direction of Sellas Life i.e., Sellas Life and Altimar Acquisition go up and down completely randomly.
Pair Corralation between Sellas Life and Altimar Acquisition
If you would invest 117.00 in Sellas Life Sciences on September 4, 2024 and sell it today you would lose (1.00) from holding Sellas Life Sciences or give up 0.85% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Sellas Life Sciences vs. Altimar Acquisition Corp
Performance |
| Timeline |
| Sellas Life Sciences |
| Altimar Acquisition Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Sellas Life and Altimar Acquisition Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sellas Life and Altimar Acquisition
The main advantage of trading using opposite Sellas Life and Altimar Acquisition positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sellas Life position performs unexpectedly, Altimar Acquisition 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 Altimar Acquisition will offset losses from the drop in Altimar Acquisition's long position.| Sellas Life vs. Candel Therapeutics | Sellas Life vs. Cingulate Warrants | Sellas Life vs. Unicycive Therapeutics | Sellas Life vs. Cardio Diagnostics Holdings |
| Altimar Acquisition vs. Sellas Life Sciences | Altimar Acquisition vs. Catalyst Pharmaceuticals | Altimar Acquisition vs. Diageo PLC ADR | Altimar Acquisition vs. The Coca Cola |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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