Correlation Between Spyre Therapeutics and Navidea Biopharmaceutica
Can any of the company-specific risk be diversified away by investing in both Spyre Therapeutics and Navidea Biopharmaceutica 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 Navidea Biopharmaceutica into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Spyre Therapeutics and Navidea Biopharmaceuticals, you can compare the effects of market volatilities on Spyre Therapeutics and Navidea Biopharmaceutica 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 Navidea Biopharmaceutica. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spyre Therapeutics and Navidea Biopharmaceutica.
Diversification Opportunities for Spyre Therapeutics and Navidea Biopharmaceutica
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Spyre and Navidea is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Spyre Therapeutics and Navidea Biopharmaceuticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Navidea Biopharmaceutica 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 Navidea Biopharmaceutica. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Navidea Biopharmaceutica has no effect on the direction of Spyre Therapeutics i.e., Spyre Therapeutics and Navidea Biopharmaceutica go up and down completely randomly.
Pair Corralation between Spyre Therapeutics and Navidea Biopharmaceutica
Given the investment horizon of 90 days Spyre Therapeutics is expected to generate 11.92 times less return on investment than Navidea Biopharmaceutica. But when comparing it to its historical volatility, Spyre Therapeutics is 12.03 times less risky than Navidea Biopharmaceutica. It trades about 0.13 of its potential returns per unit of risk. Navidea Biopharmaceuticals is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 0.01 in Navidea Biopharmaceuticals on July 20, 2025 and sell it today you would earn a total of 0.00 from holding Navidea Biopharmaceuticals or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Spyre Therapeutics vs. Navidea Biopharmaceuticals
Performance |
| Timeline |
| Spyre Therapeutics |
| Navidea Biopharmaceutica |
Spyre Therapeutics and Navidea Biopharmaceutica Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Spyre Therapeutics and Navidea Biopharmaceutica
The main advantage of trading using opposite Spyre Therapeutics and Navidea Biopharmaceutica positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spyre Therapeutics position performs unexpectedly, Navidea Biopharmaceutica 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 Navidea Biopharmaceutica will offset losses from the drop in Navidea Biopharmaceutica's long position.| Spyre Therapeutics vs. ATAI Life Sciences | Spyre Therapeutics vs. Oric Pharmaceuticals | Spyre Therapeutics vs. Wave Life Sciences | Spyre Therapeutics vs. Amylyx Pharmaceuticals |
| Navidea Biopharmaceutica vs. Trevena | Navidea Biopharmaceutica vs. Ehouse Global | Navidea Biopharmaceutica vs. Aridis Pharmaceuticals | Navidea Biopharmaceutica vs. Genelink |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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