Correlation Between Vaccinex and Accelerate Diagnostics
Can any of the company-specific risk be diversified away by investing in both Vaccinex and Accelerate Diagnostics 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 Accelerate Diagnostics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Vaccinex and Accelerate Diagnostics, you can compare the effects of market volatilities on Vaccinex and Accelerate Diagnostics 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 Accelerate Diagnostics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Vaccinex and Accelerate Diagnostics.
Diversification Opportunities for Vaccinex and Accelerate Diagnostics
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Vaccinex and Accelerate is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Vaccinex and Accelerate Diagnostics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accelerate Diagnostics 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 Accelerate Diagnostics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accelerate Diagnostics has no effect on the direction of Vaccinex i.e., Vaccinex and Accelerate Diagnostics go up and down completely randomly.
Pair Corralation between Vaccinex and Accelerate Diagnostics
Given the investment horizon of 90 days Vaccinex is expected to under-perform the Accelerate Diagnostics. In addition to that, Vaccinex is 1.16 times more volatile than Accelerate Diagnostics. It trades about -0.07 of its total potential returns per unit of risk. Accelerate Diagnostics is currently generating about -0.02 per unit of volatility. If you would invest 636.00 in Accelerate Diagnostics on August 31, 2024 and sell it today you would lose (470.00) from holding Accelerate Diagnostics or give up 73.9% 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. Accelerate Diagnostics
Performance |
| Timeline |
| Vaccinex |
| Accelerate Diagnostics |
Vaccinex and Accelerate Diagnostics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Vaccinex and Accelerate Diagnostics
The main advantage of trading using opposite Vaccinex and Accelerate Diagnostics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Vaccinex position performs unexpectedly, Accelerate Diagnostics 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 Accelerate Diagnostics will offset losses from the drop in Accelerate Diagnostics' long position.| Vaccinex vs. Protara Therapeutics | Vaccinex vs. Monopar Therapeutics | Vaccinex vs. Surrozen | Vaccinex vs. Salarius Pharmaceuticals |
| Accelerate Diagnostics vs. CVRx Inc | Accelerate Diagnostics vs. Neuropace | Accelerate Diagnostics vs. Anika Therapeutics | Accelerate Diagnostics vs. Axogen Inc |
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.
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