Correlation Between Stoke Therapeutics and Atreca
Can any of the company-specific risk be diversified away by investing in both Stoke Therapeutics and Atreca 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 Stoke Therapeutics and Atreca into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Stoke Therapeutics and Atreca Inc, you can compare the effects of market volatilities on Stoke Therapeutics and Atreca 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 Stoke Therapeutics with a short position of Atreca. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stoke Therapeutics and Atreca.
Diversification Opportunities for Stoke Therapeutics and Atreca
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Stoke and Atreca is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Stoke Therapeutics and Atreca Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Atreca Inc and Stoke Therapeutics 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 Stoke Therapeutics are associated (or correlated) with Atreca. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Atreca Inc has no effect on the direction of Stoke Therapeutics i.e., Stoke Therapeutics and Atreca go up and down completely randomly.
Pair Corralation between Stoke Therapeutics and Atreca
If you would invest 104.00 in Atreca Inc on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Atreca Inc or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Stoke Therapeutics vs. Atreca Inc
Performance |
| Timeline |
| Stoke Therapeutics |
| Atreca Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Stoke Therapeutics and Atreca Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Stoke Therapeutics and Atreca
The main advantage of trading using opposite Stoke Therapeutics and Atreca positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stoke Therapeutics position performs unexpectedly, Atreca 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 Atreca will offset losses from the drop in Atreca's long position.| Stoke Therapeutics vs. Adaptimmune Therapeutics Plc | Stoke Therapeutics vs. Black Diamond Therapeutics | Stoke Therapeutics vs. Relay Therapeutics | Stoke Therapeutics vs. Pliant Therapeutics |
| Atreca vs. Passage Bio | Atreca vs. Stoke Therapeutics | Atreca vs. Revolution Medicines | Atreca vs. Black Diamond Therapeutics |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Transaction History View history of all your transactions and understand their impact on performance |