Correlation Between APTM Old and Angion Biomedica

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

Diversification Opportunities for APTM Old and Angion Biomedica

0.78
  Correlation Coefficient

Poor diversification

The 3 months correlation between APTM and Angion is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding APTM Old and Angion Biomedica Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Angion Biomedica Corp and APTM Old 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 APTM Old are associated (or correlated) with Angion Biomedica. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Angion Biomedica Corp has no effect on the direction of APTM Old i.e., APTM Old and Angion Biomedica go up and down completely randomly.

Pair Corralation between APTM Old and Angion Biomedica

If you would invest  1,000.00  in Angion Biomedica Corp on October 10, 2024 and sell it today you would earn a total of  0.00  from holding Angion Biomedica Corp or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

APTM Old  vs.  Angion Biomedica Corp

 Performance 
       Timeline  
APTM Old 

Risk-Adjusted Performance

0 of 100

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

Risk-Adjusted Performance

0 of 100

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

APTM Old and Angion Biomedica Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with APTM Old and Angion Biomedica

The main advantage of trading using opposite APTM Old and Angion Biomedica positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APTM Old position performs unexpectedly, Angion Biomedica 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 Angion Biomedica will offset losses from the drop in Angion Biomedica's long position.
The idea behind APTM Old and Angion Biomedica Corp 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.
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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 Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.

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