Correlation Between Regenxbio and ImmunoGen
Can any of the company-specific risk be diversified away by investing in both Regenxbio and ImmunoGen 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 Regenxbio and ImmunoGen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Regenxbio and ImmunoGen, you can compare the effects of market volatilities on Regenxbio and ImmunoGen 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 Regenxbio with a short position of ImmunoGen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Regenxbio and ImmunoGen.
Diversification Opportunities for Regenxbio and ImmunoGen
Excellent diversification
The 3 months correlation between Regenxbio and ImmunoGen is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Regenxbio and ImmunoGen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ImmunoGen and Regenxbio 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 Regenxbio are associated (or correlated) with ImmunoGen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ImmunoGen has no effect on the direction of Regenxbio i.e., Regenxbio and ImmunoGen go up and down completely randomly.
Pair Corralation between Regenxbio and ImmunoGen
If you would invest 1,820 in ImmunoGen on September 6, 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 | Weak |
Accuracy | 1.59% |
Values | Daily Returns |
Regenxbio vs. ImmunoGen
Performance |
Timeline |
Regenxbio |
ImmunoGen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Regenxbio and ImmunoGen Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Regenxbio and ImmunoGen
The main advantage of trading using opposite Regenxbio and ImmunoGen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Regenxbio position performs unexpectedly, ImmunoGen 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 ImmunoGen will offset losses from the drop in ImmunoGen's long position.Regenxbio vs. Day One Biopharmaceuticals | Regenxbio vs. Replimune Group | Regenxbio vs. Mirum Pharmaceuticals | Regenxbio vs. Rocket Pharmaceuticals |
ImmunoGen vs. Madrigal Pharmaceuticals | ImmunoGen vs. TG Therapeutics | ImmunoGen vs. Terns Pharmaceuticals | ImmunoGen vs. Hepion Pharmaceuticals |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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