Correlation Between Agenus and CTi Biopharma

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

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

Diversification Opportunities for Agenus and CTi Biopharma

0.0

Correlation Coefficient

Agenus  CTi Biopharma

Pay attention - limited upside

The 3 months correlation between Agenus and CTi is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Agenus Inc and CTi Biopharma Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CTi Biopharma Corp and Agenus 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 Agenus Inc are associated (or correlated) with CTi Biopharma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CTi Biopharma Corp has no effect on the direction of Agenus i.e., Agenus and CTi Biopharma go up and down completely randomly.

Pair Corralation between Agenus and CTi Biopharma

If you would invest (100.00) in CTi Biopharma Corp on December 26, 2024 and sell it today you would earn a total of  100.00  from holding CTi Biopharma Corp or generate -100.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

Agenus Inc  vs.  CTi Biopharma Corp

Agenus Inc

Risk-Adjusted Performance

Very Weak

Over the last 90 days Agenus Inc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's technical and fundamental indicators remain very healthy which may send shares a bit higher in April 2025. The recent disarray may also be a sign of long period up-swing for the firm investors.

CTi Biopharma Corp

Risk-Adjusted Performance

Very Weak

Over the last 90 days CTi Biopharma Corp has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound forward indicators, CTi Biopharma is not utilizing all of its potentials. The latest stock price tumult, may contribute to shorter-term losses for the shareholders.

Pair Trading with Agenus and CTi Biopharma

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

The idea behind Agenus Inc and CTi Biopharma Corp 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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.