Correlation Between Repare Therapeutics and Elevation Oncology

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

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

Diversification Opportunities for Repare Therapeutics and Elevation Oncology

0.23

Correlation Coefficient

Repare Therapeutics  Elevation Oncology

Modest diversification

The 3 months correlation between Repare and Elevation is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Repare Therapeutics and Elevation Oncology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elevation Oncology and Repare 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 Repare Therapeutics are associated (or correlated) with Elevation Oncology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elevation Oncology has no effect on the direction of Repare Therapeutics i.e., Repare Therapeutics and Elevation Oncology go up and down completely randomly.

Pair Corralation between Repare Therapeutics and Elevation Oncology

If you would invest  152.00  in Repare Therapeutics on August 4, 2025 and sell it today you would earn a total of  32.00  from holding Repare Therapeutics or generate 21.05% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Very Weak
Accuracy	1.54%
Values	Daily Returns

Repare Therapeutics  vs.  Elevation Oncology

Repare Therapeutics

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Repare Therapeutics are ranked lower than 13 (%) of all global equities and portfolios over the last 90 days. In spite of fairly weak basic indicators, Repare Therapeutics showed solid returns over the last few months and may actually be approaching a breakup point.

Elevation Oncology

Risk-Adjusted Performance

Weakest

Over the last 90 days Elevation Oncology has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly stable technical and fundamental indicators, Elevation Oncology is not utilizing all of its potentials. The current stock price fuss, may contribute to near-short-term losses for the sophisticated investors.

Pair Trading with Repare Therapeutics and Elevation Oncology

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

The idea behind Repare Therapeutics and Elevation Oncology 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..