Correlation Between AnaptysBio and Immunome

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

Diversification Opportunities for AnaptysBio and Immunome

AnaptysBioImmunomeDiversified AwayAnaptysBioImmunomeDiversified Away100%
0.48
  Correlation Coefficient

Very weak diversification

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

Pair Corralation between AnaptysBio and Immunome

Given the investment horizon of 90 days AnaptysBio is expected to generate 1.55 times less return on investment than Immunome. But when comparing it to its historical volatility, AnaptysBio is 1.02 times less risky than Immunome. It trades about 0.03 of its potential returns per unit of risk. Immunome is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest  716.00  in Immunome on November 20, 2024 and sell it today you would earn a total of  324.00  from holding Immunome or generate 45.25% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

AnaptysBio  vs.  Immunome

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb -30-20-10010
JavaScript chart by amCharts 3.21.15ANAB IMNM
       Timeline  
AnaptysBio 

Risk-Adjusted Performance

Insignificant

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in AnaptysBio are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. Despite somewhat inconsistent basic indicators, AnaptysBio sustained solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb1214161820222426
Immunome 

Risk-Adjusted Performance

Insignificant

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Immunome are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. In spite of very weak basic indicators, Immunome displayed solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb9101112131415

AnaptysBio and Immunome Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-24.07-18.03-11.98-5.940.16.1612.3218.4824.63 0.0060.0080.0100.0120.014
JavaScript chart by amCharts 3.21.15ANAB IMNM
       Returns  

Pair Trading with AnaptysBio and Immunome

The main advantage of trading using opposite AnaptysBio and Immunome positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AnaptysBio position performs unexpectedly, Immunome 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 Immunome will offset losses from the drop in Immunome's long position.
The idea behind AnaptysBio and Immunome 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.

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