Correlation Between Spyre Therapeutics and YTLBerhad

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

By analyzing existing cross correlation between Spyre Therapeutics and YTL Berhad, you can compare the effects of market volatilities on Spyre Therapeutics and YTLBerhad 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 Spyre Therapeutics with a short position of YTLBerhad. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spyre Therapeutics and YTLBerhad.

Diversification Opportunities for Spyre Therapeutics and YTLBerhad

0.63

Correlation Coefficient

Spyre Therapeutics  YTLBerhad

Poor diversification

The 3 months correlation between Spyre and YTLBerhad is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Spyre Therapeutics and YTL Berhad in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on YTL Berhad and Spyre 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 Spyre Therapeutics are associated (or correlated) with YTLBerhad. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of YTL Berhad has no effect on the direction of Spyre Therapeutics i.e., Spyre Therapeutics and YTLBerhad go up and down completely randomly.

Pair Corralation between Spyre Therapeutics and YTLBerhad

Given the investment horizon of 90 days Spyre Therapeutics is expected to under-perform the YTLBerhad. In addition to that, Spyre Therapeutics is 4.66 times more volatile than YTL Berhad. It trades about -0.09 of its total potential returns per unit of risk. YTL Berhad is currently generating about -0.16 per unit of volatility. If you would invest  50.00  in YTL Berhad on December 29, 2024 and sell it today you would lose (4.00) from holding YTL Berhad or give up 8.0% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Significant
Accuracy	100.0%
Values	Daily Returns

Spyre Therapeutics  vs.  YTL Berhad

Spyre Therapeutics

Risk-Adjusted Performance

Very Weak

Over the last 90 days Spyre Therapeutics has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unsteady performance in the last few months, the Stock's basic indicators remain rather sound which may send shares a bit higher in April 2025. The latest tumult may also be a sign of longer-term up-swing for the firm shareholders.

YTL Berhad

Risk-Adjusted Performance

Very Weak

Over the last 90 days YTL Berhad has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest conflicting performance, the Stock's fundamental indicators remain stable and the current disturbance on Wall Street may also be a sign of long-run gains for the company stockholders.

Pair Trading with Spyre Therapeutics and YTLBerhad

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

The idea behind Spyre Therapeutics and YTL Berhad 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.