Correlation Between Xenetic Biosciences and Apexigen
Can any of the company-specific risk be diversified away by investing in both Xenetic Biosciences and Apexigen 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 Xenetic Biosciences and Apexigen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Xenetic Biosciences and Apexigen, you can compare the effects of market volatilities on Xenetic Biosciences and Apexigen 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 Xenetic Biosciences with a short position of Apexigen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xenetic Biosciences and Apexigen.
Diversification Opportunities for Xenetic Biosciences and Apexigen
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Xenetic and Apexigen is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Xenetic Biosciences and Apexigen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apexigen and Xenetic Biosciences 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 Xenetic Biosciences are associated (or correlated) with Apexigen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apexigen has no effect on the direction of Xenetic Biosciences i.e., Xenetic Biosciences and Apexigen go up and down completely randomly.
Pair Corralation between Xenetic Biosciences and Apexigen
If you would invest 432.00 in Xenetic Biosciences on November 5, 2024 and sell it today you would lose (1.00) from holding Xenetic Biosciences or give up 0.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 5.26% |
| Values | Daily Returns |
Xenetic Biosciences vs. Apexigen
Performance |
| Timeline |
| Xenetic Biosciences |
| Apexigen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Xenetic Biosciences and Apexigen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xenetic Biosciences and Apexigen
The main advantage of trading using opposite Xenetic Biosciences and Apexigen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xenetic Biosciences position performs unexpectedly, Apexigen 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 Apexigen will offset losses from the drop in Apexigen's long position.| Xenetic Biosciences vs. Transcode Therapeutics | Xenetic Biosciences vs. ZyVersa Therapeutics | Xenetic Biosciences vs. Immix Biopharma | Xenetic Biosciences vs. Phio Pharmaceuticals Corp |
| Apexigen vs. Leap Therapeutics | Apexigen vs. Zura Bio Limited | Apexigen vs. X4 Pharmaceuticals | Apexigen vs. Phio Pharmaceuticals Corp |
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.
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