Correlation Between Tectonic Therapeutic, and Figs

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

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

Diversification Opportunities for Tectonic Therapeutic, and Figs

0.25

Correlation Coefficient

Tectonic Therapeutic,  Figs

Modest diversification

The 3 months correlation between Tectonic and Figs is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Tectonic Therapeutic, and Figs Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Figs Inc and Tectonic Therapeutic, 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 Tectonic Therapeutic, are associated (or correlated) with Figs. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Figs Inc has no effect on the direction of Tectonic Therapeutic, i.e., Tectonic Therapeutic, and Figs go up and down completely randomly.

Pair Corralation between Tectonic Therapeutic, and Figs

Given the investment horizon of 90 days Tectonic Therapeutic, is expected to generate 2.08 times less return on investment than Figs. In addition to that, Tectonic Therapeutic, is 1.32 times more volatile than Figs Inc. It trades about 0.1 of its total potential returns per unit of risk. Figs Inc is currently generating about 0.27 per unit of volatility. If you would invest  444.00  in Figs Inc on May 26, 2025 and sell it today you would earn a total of  268.00  from holding Figs Inc or generate 60.36% return on investment over 90 days.

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

Tectonic Therapeutic,  vs.  Figs Inc

Tectonic Therapeutic,

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in Tectonic Therapeutic, are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. In spite of fairly uncertain fundamental indicators, Tectonic Therapeutic, showed solid returns over the last few months and may actually be approaching a breakup point.

Figs Inc

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Figs Inc are ranked lower than 21 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively uncertain technical and fundamental indicators, Figs unveiled solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Tectonic Therapeutic, and Figs

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

The idea behind Tectonic Therapeutic, and Figs Inc 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 Global Correlations module to find global opportunities by holding instruments from different markets.