Correlation Between Instil Bio and Comera Life
Can any of the company-specific risk be diversified away by investing in both Instil Bio and Comera Life 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 Instil Bio and Comera Life into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Instil Bio and Comera Life Sciences, you can compare the effects of market volatilities on Instil Bio and Comera Life 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 Instil Bio with a short position of Comera Life. Check out your portfolio center. Please also check ongoing floating volatility patterns of Instil Bio and Comera Life.
Diversification Opportunities for Instil Bio and Comera Life
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Instil and Comera is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Instil Bio and Comera Life Sciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Comera Life Sciences and Instil Bio 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 Instil Bio are associated (or correlated) with Comera Life. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Comera Life Sciences has no effect on the direction of Instil Bio i.e., Instil Bio and Comera Life go up and down completely randomly.
Pair Corralation between Instil Bio and Comera Life
Considering the 90-day investment horizon Instil Bio is expected to generate 1.13 times more return on investment than Comera Life. However, Instil Bio is 1.13 times more volatile than Comera Life Sciences. It trades about 0.05 of its potential returns per unit of risk. Comera Life Sciences is currently generating about -0.1 per unit of risk. If you would invest 1,340 in Instil Bio on August 31, 2024 and sell it today you would earn a total of 1,351 from holding Instil Bio or generate 100.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 28.45% |
| Values | Daily Returns |
Instil Bio vs. Comera Life Sciences
Performance |
| Timeline |
| Instil Bio |
| Comera Life Sciences |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Instil Bio and Comera Life Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Instil Bio and Comera Life
The main advantage of trading using opposite Instil Bio and Comera Life positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Instil Bio position performs unexpectedly, Comera Life 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 Comera Life will offset losses from the drop in Comera Life's long position.| Instil Bio vs. Assembly Biosciences | Instil Bio vs. Nuvation Bio | Instil Bio vs. Achilles Therapeutics PLC | Instil Bio vs. NextCure |
| Comera Life vs. SAB Biotherapeutics | Comera Life vs. Processa Pharmaceuticals | Comera Life vs. Third Harmonic Bio | Comera Life vs. Indaptus 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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Transaction History View history of all your transactions and understand their impact on performance |