Correlation Between Kineta and Aditxt

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Kineta and Aditxt 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 Kineta and Aditxt into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kineta Inc and Aditxt Inc, you can compare the effects of market volatilities on Kineta and Aditxt 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 Kineta with a short position of Aditxt. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kineta and Aditxt.

Diversification Opportunities for Kineta and Aditxt

0.19
  Correlation Coefficient

Average diversification

The 3 months correlation between Kineta and Aditxt is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Kineta Inc and Aditxt Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aditxt Inc and Kineta 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 Kineta Inc are associated (or correlated) with Aditxt. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aditxt Inc has no effect on the direction of Kineta i.e., Kineta and Aditxt go up and down completely randomly.

Pair Corralation between Kineta and Aditxt

Allowing for the 90-day total investment horizon Kineta Inc is expected to generate 1.34 times more return on investment than Aditxt. However, Kineta is 1.34 times more volatile than Aditxt Inc. It trades about -0.1 of its potential returns per unit of risk. Aditxt Inc is currently generating about -0.22 per unit of risk. If you would invest  261.00  in Kineta Inc on November 28, 2023 and sell it today you would lose (27.00) from holding Kineta Inc or give up 10.34% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Kineta Inc  vs.  Aditxt Inc

 Performance 
       Timeline  
Kineta Inc 

Risk-Adjusted Performance

0 of 100

 
Low
 
High
Very Weak
Over the last 90 days Kineta Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's basic indicators remain somewhat strong which may send shares a bit higher in March 2024. The current disturbance may also be a sign of long term up-swing for the company investors.
Aditxt Inc 

Risk-Adjusted Performance

3 of 100

 
Low
 
High
Insignificant
Compared to the overall equity markets, risk-adjusted returns on investments in Aditxt Inc are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. In spite of fairly unsteady basic indicators, Aditxt showed solid returns over the last few months and may actually be approaching a breakup point.

Kineta and Aditxt Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Kineta and Aditxt

The main advantage of trading using opposite Kineta and Aditxt positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kineta position performs unexpectedly, Aditxt 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 Aditxt will offset losses from the drop in Aditxt's long position.
The idea behind Kineta Inc and Aditxt 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.
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 Global Correlations module to find global opportunities by holding instruments from different markets.

Other Complementary Tools

USA ETFs
Find actively traded Exchange Traded Funds (ETF) in USA
Stock Screener
Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook.
Sync Your Broker
Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors.
Instant Ratings
Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance
AI Portfolio Architect
Use AI to generate optimal portfolios and find profitable investment opportunities
Funds Screener
Find actively-traded funds from around the world traded on over 30 global exchanges
Portfolio Manager
State of the art Portfolio Manager to monitor and improve performance of your invested capital
Portfolio Analyzer
Portfolio analysis module that provides access to portfolio diagnostics and optimization engine
Premium Stories
Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope