Correlation Between Altimmune and Frequency Therapeutics
Can any of the company-specific risk be diversified away by investing in both Altimmune and Frequency Therapeutics 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 Altimmune and Frequency Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Altimmune and Frequency Therapeutics, you can compare the effects of market volatilities on Altimmune and Frequency Therapeutics 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 Altimmune with a short position of Frequency Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Altimmune and Frequency Therapeutics.
Diversification Opportunities for Altimmune and Frequency Therapeutics
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Altimmune and Frequency is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Altimmune and Frequency Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Frequency Therapeutics and Altimmune 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 Altimmune are associated (or correlated) with Frequency Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Frequency Therapeutics has no effect on the direction of Altimmune i.e., Altimmune and Frequency Therapeutics go up and down completely randomly.
Pair Corralation between Altimmune and Frequency Therapeutics
Considering the 90-day investment horizon Altimmune is expected to generate 0.24 times more return on investment than Frequency Therapeutics. However, Altimmune is 4.16 times less risky than Frequency Therapeutics. It trades about 0.09 of its potential returns per unit of risk. Frequency Therapeutics is currently generating about -0.03 per unit of risk. If you would invest 363.00 in Altimmune on August 20, 2025 and sell it today you would earn a total of 54.00 from holding Altimmune or generate 14.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Altimmune vs. Frequency Therapeutics
Performance |
| Timeline |
| Altimmune |
| Frequency Therapeutics |
Altimmune and Frequency Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Altimmune and Frequency Therapeutics
The main advantage of trading using opposite Altimmune and Frequency Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Altimmune position performs unexpectedly, Frequency Therapeutics 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 Frequency Therapeutics will offset losses from the drop in Frequency Therapeutics' long position.| Altimmune vs. DBV Technologies | Altimmune vs. Annexon | Altimmune vs. Frequency Therapeutics | Altimmune vs. enGene Holdings Common |
| Frequency Therapeutics vs. enGene Holdings Common | Frequency Therapeutics vs. Altimmune | Frequency Therapeutics vs. Annexon | Frequency Therapeutics vs. DBV Technologies |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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