Correlation Between Transgene and Akeso,

Can any of the company-specific risk be diversified away by investing in both Transgene and Akeso, 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 Transgene and Akeso, into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Transgene SA and Akeso, Inc, you can compare the effects of market volatilities on Transgene and Akeso, 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 Transgene with a short position of Akeso,. Check out your portfolio center. Please also check ongoing floating volatility patterns of Transgene and Akeso,.

Diversification Opportunities for Transgene and Akeso,

0.0

Correlation Coefficient

Transgene  Akeso,

Pay attention - limited upside

The 3 months correlation between Transgene and Akeso, is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Transgene SA and Akeso, Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Akeso, Inc and Transgene 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 Transgene SA are associated (or correlated) with Akeso,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Akeso, Inc has no effect on the direction of Transgene i.e., Transgene and Akeso, go up and down completely randomly.

Pair Corralation between Transgene and Akeso,

If you would invest  568.00  in Akeso, Inc on September 3, 2024 and sell it today you would earn a total of  392.00  from holding Akeso, Inc or generate 69.01% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	98.46%
Values	Daily Returns

Transgene SA  vs.  Akeso, Inc

Transgene SA

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Transgene SA has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, Transgene is not utilizing all of its potentials. The latest stock price disturbance, may contribute to mid-run losses for the stockholders.

Akeso, Inc

Risk-Adjusted Performance

11 of 100

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Akeso, Inc are ranked lower than 11 (%) of all global equities and portfolios over the last 90 days. Despite nearly unsteady basic indicators, Akeso, reported solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Transgene and Akeso,

The main advantage of trading using opposite Transgene and Akeso, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Transgene position performs unexpectedly, Akeso, 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 Akeso, will offset losses from the drop in Akeso,'s long position.

The idea behind Transgene SA and Akeso, Inc 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.