Correlation Between Shattuck Labs and PepGen
Can any of the company-specific risk be diversified away by investing in both Shattuck Labs and PepGen 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 Shattuck Labs and PepGen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Shattuck Labs and PepGen, you can compare the effects of market volatilities on Shattuck Labs and PepGen 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 Shattuck Labs with a short position of PepGen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shattuck Labs and PepGen.
Diversification Opportunities for Shattuck Labs and PepGen
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shattuck and PepGen is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Shattuck Labs and PepGen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PepGen and Shattuck Labs 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 Shattuck Labs are associated (or correlated) with PepGen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PepGen has no effect on the direction of Shattuck Labs i.e., Shattuck Labs and PepGen go up and down completely randomly.
Pair Corralation between Shattuck Labs and PepGen
Given the investment horizon of 90 days Shattuck Labs is expected to generate 0.86 times more return on investment than PepGen. However, Shattuck Labs is 1.17 times less risky than PepGen. It trades about -0.18 of its potential returns per unit of risk. PepGen is currently generating about -0.41 per unit of risk. If you would invest 128.00 in Shattuck Labs on August 25, 2024 and sell it today you would lose (28.00) from holding Shattuck Labs or give up 21.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shattuck Labs vs. PepGen
Performance |
| Timeline |
| Shattuck Labs |
| PepGen |
Shattuck Labs and PepGen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shattuck Labs and PepGen
The main advantage of trading using opposite Shattuck Labs and PepGen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shattuck Labs position performs unexpectedly, PepGen 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 PepGen will offset losses from the drop in PepGen's long position.| Shattuck Labs vs. C4 Therapeutics | Shattuck Labs vs. Eliem Therapeutics | Shattuck Labs vs. Prelude Therapeutics | Shattuck Labs vs. Monte Rosa Therapeutics |
| PepGen vs. Pmv Pharmaceuticals | PepGen vs. Eliem Therapeutics | PepGen vs. MediciNova | PepGen vs. Pharvaris BV |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |