Correlation Between Immunome and AGE Old

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

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

Diversification Opportunities for Immunome and AGE Old

-0.48

Correlation Coefficient

Immunome  AGE Old

Very good diversification

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

Pair Corralation between Immunome and AGE Old

If you would invest  74.00  in AGE Old on October 31, 2024 and sell it today you would earn a total of  0.00  from holding AGE Old or generate 0.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Very Weak
Accuracy	5.0%
Values	Daily Returns

Immunome  vs.  AGE Old

Immunome

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Immunome 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 basic indicators remain very healthy which may send shares a bit higher in March 2025. The recent disarray may also be a sign of long period up-swing for the firm investors.

AGE Old

Risk-Adjusted Performance

0 of 100

Very Weak

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

Pair Trading with Immunome and AGE Old

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

The idea behind Immunome and AGE Old 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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.