Correlation Between Imunon and Exicure

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

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

Diversification Opportunities for Imunon and Exicure

-0.22

Correlation Coefficient

Imunon  Exicure

Very good diversification

The 3 months correlation between Imunon and Exicure is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Imunon Inc and Exicure in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Exicure and Imunon 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 Imunon Inc are associated (or correlated) with Exicure. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exicure has no effect on the direction of Imunon i.e., Imunon and Exicure go up and down completely randomly.

Pair Corralation between Imunon and Exicure

Given the investment horizon of 90 days Imunon Inc is expected to generate 0.35 times more return on investment than Exicure. However, Imunon Inc is 2.83 times less risky than Exicure. It trades about 0.26 of its potential returns per unit of risk. Exicure is currently generating about -0.02 per unit of risk. If you would invest  79.00  in Imunon Inc on October 26, 2024 and sell it today you would earn a total of  21.00  from holding Imunon Inc or generate 26.58% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	94.74%
Values	Daily Returns

Imunon Inc  vs.  Exicure

Imunon Inc

Risk-Adjusted Performance

1 of 100

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Imunon Inc are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of very healthy basic indicators, Imunon is not utilizing all of its potentials. The latest stock price disarray, may contribute to short-term losses for the investors.

Exicure

Risk-Adjusted Performance

17 of 100

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Exicure are ranked lower than 17 (%) of all global equities and portfolios over the last 90 days. Even with relatively weak basic indicators, Exicure reported solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Imunon and Exicure

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

The idea behind Imunon Inc and Exicure 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.