Correlation Between Vaccinex and Akoya Biosciences
Can any of the company-specific risk be diversified away by investing in both Vaccinex and Akoya Biosciences 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 Vaccinex and Akoya Biosciences into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Vaccinex and Akoya Biosciences, you can compare the effects of market volatilities on Vaccinex and Akoya Biosciences 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 Vaccinex with a short position of Akoya Biosciences. Check out your portfolio center. Please also check ongoing floating volatility patterns of Vaccinex and Akoya Biosciences.
Diversification Opportunities for Vaccinex and Akoya Biosciences
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Vaccinex and Akoya is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Vaccinex and Akoya Biosciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Akoya Biosciences and Vaccinex 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 Vaccinex are associated (or correlated) with Akoya Biosciences. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Akoya Biosciences has no effect on the direction of Vaccinex i.e., Vaccinex and Akoya Biosciences go up and down completely randomly.
Pair Corralation between Vaccinex and Akoya Biosciences
Given the investment horizon of 90 days Vaccinex is expected to under-perform the Akoya Biosciences. In addition to that, Vaccinex is 1.4 times more volatile than Akoya Biosciences. It trades about -0.02 of its total potential returns per unit of risk. Akoya Biosciences is currently generating about -0.02 per unit of volatility. If you would invest 434.00 in Akoya Biosciences on August 24, 2024 and sell it today you would lose (222.00) from holding Akoya Biosciences or give up 51.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Vaccinex vs. Akoya Biosciences
Performance |
| Timeline |
| Vaccinex |
| Akoya Biosciences |
Vaccinex and Akoya Biosciences Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Vaccinex and Akoya Biosciences
The main advantage of trading using opposite Vaccinex and Akoya Biosciences positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Vaccinex position performs unexpectedly, Akoya Biosciences 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 Akoya Biosciences will offset losses from the drop in Akoya Biosciences' long position.| Vaccinex vs. Lyra Therapeutics | Vaccinex vs. Hookipa Pharma | Vaccinex vs. Cingulate Warrants | Vaccinex vs. SAB Biotherapeutics |
| Akoya Biosciences vs. AtriCure | Akoya Biosciences vs. ICU Medical | Akoya Biosciences vs. Haemonetics | Akoya Biosciences vs. AngioDynamics |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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