Correlation Between Spyre Therapeutics and Biodexa Pharmaceticals
Can any of the company-specific risk be diversified away by investing in both Spyre Therapeutics and Biodexa Pharmaceticals 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 Spyre Therapeutics and Biodexa Pharmaceticals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Spyre Therapeutics and Biodexa Pharmaceticals, you can compare the effects of market volatilities on Spyre Therapeutics and Biodexa Pharmaceticals 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 Spyre Therapeutics with a short position of Biodexa Pharmaceticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spyre Therapeutics and Biodexa Pharmaceticals.
Diversification Opportunities for Spyre Therapeutics and Biodexa Pharmaceticals
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Spyre and Biodexa is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Spyre Therapeutics and Biodexa Pharmaceticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Biodexa Pharmaceticals and Spyre Therapeutics 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 Spyre Therapeutics are associated (or correlated) with Biodexa Pharmaceticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Biodexa Pharmaceticals has no effect on the direction of Spyre Therapeutics i.e., Spyre Therapeutics and Biodexa Pharmaceticals go up and down completely randomly.
Pair Corralation between Spyre Therapeutics and Biodexa Pharmaceticals
Given the investment horizon of 90 days Spyre Therapeutics is expected to generate 0.59 times more return on investment than Biodexa Pharmaceticals. However, Spyre Therapeutics is 1.68 times less risky than Biodexa Pharmaceticals. It trades about 0.13 of its potential returns per unit of risk. Biodexa Pharmaceticals is currently generating about 0.02 per unit of risk. If you would invest 1,635 in Spyre Therapeutics on July 20, 2025 and sell it today you would earn a total of 612.00 from holding Spyre Therapeutics or generate 37.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Spyre Therapeutics vs. Biodexa Pharmaceticals
Performance |
| Timeline |
| Spyre Therapeutics |
| Biodexa Pharmaceticals |
Spyre Therapeutics and Biodexa Pharmaceticals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Spyre Therapeutics and Biodexa Pharmaceticals
The main advantage of trading using opposite Spyre Therapeutics and Biodexa Pharmaceticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spyre Therapeutics position performs unexpectedly, Biodexa Pharmaceticals 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 Biodexa Pharmaceticals will offset losses from the drop in Biodexa Pharmaceticals' long position.| Spyre Therapeutics vs. Minerals Technologies | Spyre Therapeutics vs. Broadwind Energy | Spyre Therapeutics vs. American Transportation Holdings | Spyre Therapeutics vs. Roadrunner Transportation Systems |
| Biodexa Pharmaceticals vs. Tonopah Divide Mining | Biodexa Pharmaceticals vs. Orthometrix | Biodexa Pharmaceticals vs. Kingsrose Mining Limited | Biodexa Pharmaceticals vs. Franklin Wireless Corp |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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