Correlation Between CytomX Therapeutics and Niagen Bioscience,

Can any of the company-specific risk be diversified away by investing in both CytomX Therapeutics and Niagen Bioscience, 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 CytomX Therapeutics and Niagen Bioscience, into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between CytomX Therapeutics and Niagen Bioscience,, you can compare the effects of market volatilities on CytomX Therapeutics and Niagen Bioscience, 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 CytomX Therapeutics with a short position of Niagen Bioscience,. Check out your portfolio center. Please also check ongoing floating volatility patterns of CytomX Therapeutics and Niagen Bioscience,.

Diversification Opportunities for CytomX Therapeutics and Niagen Bioscience,

0.64

Correlation Coefficient

CytomX Therapeutics  Niagen Bioscience,

Poor diversification

The 3 months correlation between CytomX and Niagen is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding CytomX Therapeutics and Niagen Bioscience, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Niagen Bioscience, and CytomX 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 CytomX Therapeutics are associated (or correlated) with Niagen Bioscience,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Niagen Bioscience, has no effect on the direction of CytomX Therapeutics i.e., CytomX Therapeutics and Niagen Bioscience, go up and down completely randomly.

Pair Corralation between CytomX Therapeutics and Niagen Bioscience,

Given the investment horizon of 90 days CytomX Therapeutics is expected to generate 2.12 times more return on investment than Niagen Bioscience,. However, CytomX Therapeutics is 2.12 times more volatile than Niagen Bioscience,. It trades about 0.11 of its potential returns per unit of risk. Niagen Bioscience, is currently generating about 0.1 per unit of risk. If you would invest  87.00  in CytomX Therapeutics on May 7, 2025 and sell it today you would earn a total of  152.00  from holding CytomX Therapeutics or generate 174.71% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Significant
Accuracy	100.0%
Values	Daily Returns

CytomX Therapeutics  vs.  Niagen Bioscience,

CytomX Therapeutics

Risk-Adjusted Performance

OK

Compared to the overall equity markets, risk-adjusted returns on investments in CytomX Therapeutics are ranked lower than 10 (%) of all global equities and portfolios over the last 90 days. In spite of fairly weak primary indicators, CytomX Therapeutics showed solid returns over the last few months and may actually be approaching a breakup point.

Niagen Bioscience,

Risk-Adjusted Performance

Insignificant

Compared to the overall equity markets, risk-adjusted returns on investments in Niagen Bioscience, are ranked lower than 5 (%) of all global equities and portfolios over the last 90 days. In spite of rather weak technical and fundamental indicators, Niagen Bioscience, exhibited solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with CytomX Therapeutics and Niagen Bioscience,

The main advantage of trading using opposite CytomX Therapeutics and Niagen Bioscience, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CytomX Therapeutics position performs unexpectedly, Niagen Bioscience, 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 Niagen Bioscience, will offset losses from the drop in Niagen Bioscience,'s long position.

The idea behind CytomX Therapeutics and Niagen Bioscience, pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.