Correlation Between AIM ImmunoTech and BridgeBio Pharma
Can any of the company-specific risk be diversified away by investing in both AIM ImmunoTech and BridgeBio Pharma 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 AIM ImmunoTech and BridgeBio Pharma into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AIM ImmunoTech and BridgeBio Pharma, you can compare the effects of market volatilities on AIM ImmunoTech and BridgeBio Pharma 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 AIM ImmunoTech with a short position of BridgeBio Pharma. Check out your portfolio center. Please also check ongoing floating volatility patterns of AIM ImmunoTech and BridgeBio Pharma.
Diversification Opportunities for AIM ImmunoTech and BridgeBio Pharma
-0.85 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AIM and BridgeBio is -0.85. Overlapping area represents the amount of risk that can be diversified away by holding AIM ImmunoTech and BridgeBio Pharma in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BridgeBio Pharma and AIM ImmunoTech 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 AIM ImmunoTech are associated (or correlated) with BridgeBio Pharma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BridgeBio Pharma has no effect on the direction of AIM ImmunoTech i.e., AIM ImmunoTech and BridgeBio Pharma go up and down completely randomly.
Pair Corralation between AIM ImmunoTech and BridgeBio Pharma
Considering the 90-day investment horizon AIM ImmunoTech is expected to under-perform the BridgeBio Pharma. In addition to that, AIM ImmunoTech is 1.69 times more volatile than BridgeBio Pharma. It trades about -0.12 of its total potential returns per unit of risk. BridgeBio Pharma is currently generating about 0.2 per unit of volatility. If you would invest 5,000 in BridgeBio Pharma on August 30, 2025 and sell it today you would earn a total of 2,172 from holding BridgeBio Pharma or generate 43.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AIM ImmunoTech vs. BridgeBio Pharma
Performance |
| Timeline |
| AIM ImmunoTech |
| BridgeBio Pharma |
AIM ImmunoTech and BridgeBio Pharma Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AIM ImmunoTech and BridgeBio Pharma
The main advantage of trading using opposite AIM ImmunoTech and BridgeBio Pharma positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AIM ImmunoTech position performs unexpectedly, BridgeBio Pharma 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 BridgeBio Pharma will offset losses from the drop in BridgeBio Pharma's long position.| AIM ImmunoTech vs. Catalyst Metals Limited | AIM ImmunoTech vs. Precision Drilling | AIM ImmunoTech vs. Harmony Gold Mining | AIM ImmunoTech vs. Borr Drilling |
| BridgeBio Pharma vs. Romana Food Brands | BridgeBio Pharma vs. United Natural Foods | BridgeBio Pharma vs. Sligro Food Group | BridgeBio Pharma vs. Retail Food Group |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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