Correlation Between Atreca and PageGroup Plc

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

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

Diversification Opportunities for Atreca and PageGroup Plc

-0.48

Correlation Coefficient

Atreca  PageGroup Plc

Very good diversification

The 3 months correlation between Atreca and PageGroup is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Atreca Inc and PageGroup plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PageGroup plc and Atreca 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 Atreca Inc are associated (or correlated) with PageGroup Plc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PageGroup plc has no effect on the direction of Atreca i.e., Atreca and PageGroup Plc go up and down completely randomly.

Pair Corralation between Atreca and PageGroup Plc

If you would invest  7.10  in Atreca Inc on January 26, 2024 and sell it today you would earn a total of  0.00  from holding Atreca Inc or generate 0.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Very Weak
Accuracy	4.76%
Values	Daily Returns

Atreca Inc  vs.  PageGroup plc

Atreca Inc

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Atreca Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fragile performance in the last few months, the Stock's technical and fundamental indicators remain quite persistent which may send shares a bit higher in May 2024. The latest mess may also be a sign of long-standing up-swing for the company institutional investors.

PageGroup plc

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days PageGroup plc has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, PageGroup Plc is not utilizing all of its potentials. The newest stock price disturbance, may contribute to mid-run losses for the stockholders.

Pair Trading with Atreca and PageGroup Plc

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

The idea behind Atreca Inc and PageGroup plc 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..