Correlation Between Benitec Biopharma and Altimmune
Can any of the company-specific risk be diversified away by investing in both Benitec Biopharma and Altimmune 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 Benitec Biopharma and Altimmune into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Benitec Biopharma Ltd and Altimmune, you can compare the effects of market volatilities on Benitec Biopharma and Altimmune 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 Benitec Biopharma with a short position of Altimmune. Check out your portfolio center. Please also check ongoing floating volatility patterns of Benitec Biopharma and Altimmune.
Diversification Opportunities for Benitec Biopharma and Altimmune
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Benitec and Altimmune is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Benitec Biopharma Ltd and Altimmune in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Altimmune and Benitec Biopharma 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 Benitec Biopharma Ltd are associated (or correlated) with Altimmune. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Altimmune has no effect on the direction of Benitec Biopharma i.e., Benitec Biopharma and Altimmune go up and down completely randomly.
Pair Corralation between Benitec Biopharma and Altimmune
Given the investment horizon of 90 days Benitec Biopharma Ltd is expected to under-perform the Altimmune. In addition to that, Benitec Biopharma is 1.21 times more volatile than Altimmune. It trades about -0.03 of its total potential returns per unit of risk. Altimmune is currently generating about 0.19 per unit of volatility. If you would invest 368.00 in Altimmune on September 3, 2025 and sell it today you would earn a total of 158.00 from holding Altimmune or generate 42.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Benitec Biopharma Ltd vs. Altimmune
Performance |
| Timeline |
| Benitec Biopharma |
| Altimmune |
Benitec Biopharma and Altimmune Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Benitec Biopharma and Altimmune
The main advantage of trading using opposite Benitec Biopharma and Altimmune positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Benitec Biopharma position performs unexpectedly, Altimmune 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 Altimmune will offset losses from the drop in Altimmune's long position.| Benitec Biopharma vs. Thai Beverage PCL | Benitec Biopharma vs. Collins Foods Limited | Benitec Biopharma vs. ConAgra Foods | Benitec Biopharma vs. Strategy International Insurance |
| Altimmune vs. Kingdee International Software | Altimmune vs. Renewable Energy Trade | Altimmune vs. Sunlands Technology Group | Altimmune vs. National Retail Properties |
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 Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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