Correlation Between ImmunoGen and Mustang Bio
Can any of the company-specific risk be diversified away by investing in both ImmunoGen and Mustang Bio 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 ImmunoGen and Mustang Bio into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ImmunoGen and Mustang Bio, you can compare the effects of market volatilities on ImmunoGen and Mustang Bio 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 ImmunoGen with a short position of Mustang Bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of ImmunoGen and Mustang Bio.
Diversification Opportunities for ImmunoGen and Mustang Bio
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ImmunoGen and Mustang is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding ImmunoGen and Mustang Bio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mustang Bio and ImmunoGen 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 ImmunoGen are associated (or correlated) with Mustang Bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mustang Bio has no effect on the direction of ImmunoGen i.e., ImmunoGen and Mustang Bio go up and down completely randomly.
Pair Corralation between ImmunoGen and Mustang Bio
If you would invest 0.00 in ImmunoGen on September 7, 2024 and sell it today you would earn a total of 0.00 from holding ImmunoGen or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 1.56% |
Values | Daily Returns |
ImmunoGen vs. Mustang Bio
Performance |
Timeline |
ImmunoGen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Mustang Bio |
ImmunoGen and Mustang Bio Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ImmunoGen and Mustang Bio
The main advantage of trading using opposite ImmunoGen and Mustang Bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ImmunoGen position performs unexpectedly, Mustang Bio 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 Mustang Bio will offset losses from the drop in Mustang Bio's long position.ImmunoGen vs. Madrigal Pharmaceuticals | ImmunoGen vs. TG Therapeutics | ImmunoGen vs. Terns Pharmaceuticals | ImmunoGen vs. Hepion Pharmaceuticals |
Mustang Bio vs. Checkpoint Therapeutics | Mustang Bio vs. Reviva Pharmaceuticals Holdings | Mustang Bio vs. Fortress Biotech Pref | Mustang Bio vs. Kodiak Sciences |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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