Correlation Between MacroGenics and Coya Therapeutics,
Can any of the company-specific risk be diversified away by investing in both MacroGenics and Coya 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 MacroGenics and Coya Therapeutics, into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MacroGenics and Coya Therapeutics, Common, you can compare the effects of market volatilities on MacroGenics and Coya 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 MacroGenics with a short position of Coya Therapeutics,. Check out your portfolio center. Please also check ongoing floating volatility patterns of MacroGenics and Coya Therapeutics,.
Diversification Opportunities for MacroGenics and Coya Therapeutics,
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between MacroGenics and Coya is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding MacroGenics and Coya Therapeutics, Common in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Coya Therapeutics, Common and MacroGenics 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 MacroGenics are associated (or correlated) with Coya Therapeutics,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coya Therapeutics, Common has no effect on the direction of MacroGenics i.e., MacroGenics and Coya Therapeutics, go up and down completely randomly.
Pair Corralation between MacroGenics and Coya Therapeutics,
Given the investment horizon of 90 days MacroGenics is expected to under-perform the Coya Therapeutics,. In addition to that, MacroGenics is 1.02 times more volatile than Coya Therapeutics, Common. It trades about -0.27 of its total potential returns per unit of risk. Coya Therapeutics, Common is currently generating about -0.04 per unit of volatility. If you would invest 647.00 in Coya Therapeutics, Common on August 22, 2025 and sell it today you would lose (44.00) from holding Coya Therapeutics, Common or give up 6.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
MacroGenics vs. Coya Therapeutics, Common
Performance |
| Timeline |
| MacroGenics |
| Coya Therapeutics, Common |
MacroGenics and Coya Therapeutics, Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MacroGenics and Coya Therapeutics,
The main advantage of trading using opposite MacroGenics and Coya Therapeutics, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MacroGenics position performs unexpectedly, Coya 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 Coya Therapeutics, will offset losses from the drop in Coya Therapeutics,'s long position.| MacroGenics vs. Ovid Therapeutics | MacroGenics vs. Context Therapeutics | MacroGenics vs. Clene Inc | MacroGenics vs. Whitehawk Therapeutics, |
| Coya Therapeutics, vs. Immix Biopharma | Coya Therapeutics, vs. Clene Inc | Coya Therapeutics, vs. MacroGenics | Coya Therapeutics, vs. Oramed Pharmaceuticals |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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