Correlation Between PDS Biotechnology and Espey Mfg
Can any of the company-specific risk be diversified away by investing in both PDS Biotechnology and Espey Mfg 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 PDS Biotechnology and Espey Mfg into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PDS Biotechnology Corp and Espey Mfg Electronics, you can compare the effects of market volatilities on PDS Biotechnology and Espey Mfg 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 PDS Biotechnology with a short position of Espey Mfg. Check out your portfolio center. Please also check ongoing floating volatility patterns of PDS Biotechnology and Espey Mfg.
Diversification Opportunities for PDS Biotechnology and Espey Mfg
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between PDS and Espey is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding PDS Biotechnology Corp and Espey Mfg Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Espey Mfg Electronics and PDS Biotechnology 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 PDS Biotechnology Corp are associated (or correlated) with Espey Mfg. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Espey Mfg Electronics has no effect on the direction of PDS Biotechnology i.e., PDS Biotechnology and Espey Mfg go up and down completely randomly.
Pair Corralation between PDS Biotechnology and Espey Mfg
Given the investment horizon of 90 days PDS Biotechnology Corp is expected to under-perform the Espey Mfg. In addition to that, PDS Biotechnology is 2.22 times more volatile than Espey Mfg Electronics. It trades about -0.03 of its total potential returns per unit of risk. Espey Mfg Electronics is currently generating about 0.13 per unit of volatility. If you would invest 3,828 in Espey Mfg Electronics on September 25, 2025 and sell it today you would earn a total of 712.00 from holding Espey Mfg Electronics or generate 18.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PDS Biotechnology Corp vs. Espey Mfg Electronics
Performance |
| Timeline |
| PDS Biotechnology Corp |
| Espey Mfg Electronics |
PDS Biotechnology and Espey Mfg Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PDS Biotechnology and Espey Mfg
The main advantage of trading using opposite PDS Biotechnology and Espey Mfg positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PDS Biotechnology position performs unexpectedly, Espey Mfg 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 Espey Mfg will offset losses from the drop in Espey Mfg's long position.| PDS Biotechnology vs. Actinium Pharmaceuticals | PDS Biotechnology vs. Xilio Development | PDS Biotechnology vs. OnKure Therapeutics, | PDS Biotechnology vs. Tempest Therapeutics |
| Espey Mfg vs. Ultralife | Espey Mfg vs. Metalpha Technology Holding | Espey Mfg vs. Senstar Technologies | Espey Mfg vs. Optex Systems Holdings, |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |