Correlation Between Miromatrix Medical and Agenus

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

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

Diversification Opportunities for Miromatrix Medical and Agenus

0.0

Correlation Coefficient

Miromatrix Medical  Agenus

Pay attention - limited upside

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

Pair Corralation between Miromatrix Medical and Agenus

If you would invest (100.00) in Miromatrix Medical on November 20, 2024 and sell it today you would earn a total of  100.00  from holding Miromatrix Medical 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

Miromatrix Medical  vs.  Agenus Inc

Miromatrix Medical

Risk-Adjusted Performance

Very Weak

Over the last 90 days Miromatrix Medical has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy basic indicators, Miromatrix Medical is not utilizing all of its potentials. The current stock price disarray, may contribute to short-term losses for the investors.

Agenus Inc

Risk-Adjusted Performance

OK

Compared to the overall equity markets, risk-adjusted returns on investments in Agenus Inc are ranked lower than 8 (%) of all global equities and portfolios over the last 90 days. In spite of very weak technical and fundamental indicators, Agenus displayed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Miromatrix Medical and Agenus

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

The idea behind Miromatrix Medical and Agenus Inc 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.