Correlation Between Cassava Sciences and Pyxis Oncology
Can any of the company-specific risk be diversified away by investing in both Cassava Sciences and Pyxis Oncology 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 Cassava Sciences and Pyxis Oncology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cassava Sciences and Pyxis Oncology, you can compare the effects of market volatilities on Cassava Sciences and Pyxis Oncology 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 Cassava Sciences with a short position of Pyxis Oncology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cassava Sciences and Pyxis Oncology.
Diversification Opportunities for Cassava Sciences and Pyxis Oncology
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Cassava and Pyxis is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Cassava Sciences and Pyxis Oncology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pyxis Oncology and Cassava Sciences 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 Cassava Sciences are associated (or correlated) with Pyxis Oncology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pyxis Oncology has no effect on the direction of Cassava Sciences i.e., Cassava Sciences and Pyxis Oncology go up and down completely randomly.
Pair Corralation between Cassava Sciences and Pyxis Oncology
Given the investment horizon of 90 days Cassava Sciences is expected to generate 1.87 times less return on investment than Pyxis Oncology. In addition to that, Cassava Sciences is 1.14 times more volatile than Pyxis Oncology. It trades about 0.13 of its total potential returns per unit of risk. Pyxis Oncology is currently generating about 0.27 per unit of volatility. If you would invest 123.00 in Pyxis Oncology on July 27, 2025 and sell it today you would earn a total of 223.00 from holding Pyxis Oncology or generate 181.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cassava Sciences vs. Pyxis Oncology
Performance |
| Timeline |
| Cassava Sciences |
| Pyxis Oncology |
Cassava Sciences and Pyxis Oncology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cassava Sciences and Pyxis Oncology
The main advantage of trading using opposite Cassava Sciences and Pyxis Oncology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cassava Sciences position performs unexpectedly, Pyxis Oncology 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 Pyxis Oncology will offset losses from the drop in Pyxis Oncology's long position.| Cassava Sciences vs. Pyxis Oncology | Cassava Sciences vs. Invivyd | Cassava Sciences vs. Sangamo Therapeutics | Cassava Sciences vs. OmniAb Inc |
| Pyxis Oncology vs. Invivyd | Pyxis Oncology vs. Cassava Sciences | Pyxis Oncology vs. Sangamo Therapeutics | Pyxis Oncology vs. OmniAb Inc |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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