Correlation Between Autolus Therapeutics and Aslan Pharmaceuticals

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Can any of the company-specific risk be diversified away by investing in both Autolus Therapeutics and Aslan Pharmaceuticals 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 Autolus Therapeutics and Aslan Pharmaceuticals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Autolus Therapeutics and Aslan Pharmaceuticals, you can compare the effects of market volatilities on Autolus Therapeutics and Aslan Pharmaceuticals 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 Autolus Therapeutics with a short position of Aslan Pharmaceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Autolus Therapeutics and Aslan Pharmaceuticals.

Diversification Opportunities for Autolus Therapeutics and Aslan Pharmaceuticals

0.7
  Correlation Coefficient

Poor diversification

The 3 months correlation between Autolus and Aslan is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Autolus Therapeutics and Aslan Pharmaceuticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aslan Pharmaceuticals and Autolus Therapeutics 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 Autolus Therapeutics are associated (or correlated) with Aslan Pharmaceuticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aslan Pharmaceuticals has no effect on the direction of Autolus Therapeutics i.e., Autolus Therapeutics and Aslan Pharmaceuticals go up and down completely randomly.

Pair Corralation between Autolus Therapeutics and Aslan Pharmaceuticals

If you would invest  60.00  in Aslan Pharmaceuticals on September 4, 2024 and sell it today you would earn a total of  0.00  from holding Aslan Pharmaceuticals or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy1.56%
ValuesDaily Returns

Autolus Therapeutics  vs.  Aslan Pharmaceuticals

 Performance 
       Timeline  
Autolus Therapeutics 

Risk-Adjusted Performance

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Weak
 
Strong
Very Weak
Over the last 90 days Autolus Therapeutics has generated negative risk-adjusted returns adding no value to investors with long positions. Despite unfluctuating performance in the last few months, the Stock's basic indicators remain quite persistent which may send shares a bit higher in January 2025. The latest mess may also be a sign of long-standing up-swing for the company institutional investors.
Aslan Pharmaceuticals 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Aslan Pharmaceuticals has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy essential indicators, Aslan Pharmaceuticals is not utilizing all of its potentials. The latest stock price disarray, may contribute to short-term losses for the investors.

Autolus Therapeutics and Aslan Pharmaceuticals Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Autolus Therapeutics and Aslan Pharmaceuticals

The main advantage of trading using opposite Autolus Therapeutics and Aslan Pharmaceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Autolus Therapeutics position performs unexpectedly, Aslan Pharmaceuticals 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 Aslan Pharmaceuticals will offset losses from the drop in Aslan Pharmaceuticals' long position.
The idea behind Autolus Therapeutics and Aslan Pharmaceuticals pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Global Correlations module to find global opportunities by holding instruments from different markets.

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