Correlation Between AgeX Therapeutics and ImmuCell
Can any of the company-specific risk be diversified away by investing in both AgeX Therapeutics and ImmuCell 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 AgeX Therapeutics and ImmuCell into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AgeX Therapeutics and ImmuCell, you can compare the effects of market volatilities on AgeX Therapeutics and ImmuCell 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 AgeX Therapeutics with a short position of ImmuCell. Check out your portfolio center. Please also check ongoing floating volatility patterns of AgeX Therapeutics and ImmuCell.
Diversification Opportunities for AgeX Therapeutics and ImmuCell
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between AgeX and ImmuCell is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding AgeX Therapeutics and ImmuCell in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ImmuCell and AgeX Therapeutics 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 AgeX Therapeutics are associated (or correlated) with ImmuCell. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ImmuCell has no effect on the direction of AgeX Therapeutics i.e., AgeX Therapeutics and ImmuCell go up and down completely randomly.
Pair Corralation between AgeX Therapeutics and ImmuCell
If you would invest 357.00 in ImmuCell on August 29, 2024 and sell it today you would earn a total of 13.00 from holding ImmuCell or generate 3.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
AgeX Therapeutics vs. ImmuCell
Performance |
| Timeline |
| AgeX Therapeutics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| ImmuCell |
AgeX Therapeutics and ImmuCell Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AgeX Therapeutics and ImmuCell
The main advantage of trading using opposite AgeX Therapeutics and ImmuCell positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AgeX Therapeutics position performs unexpectedly, ImmuCell 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 ImmuCell will offset losses from the drop in ImmuCell's long position.| AgeX Therapeutics vs. MAIA Biotechnology | AgeX Therapeutics vs. Larimar Therapeutics | AgeX Therapeutics vs. Lyra Therapeutics | AgeX Therapeutics vs. Lineage Cell Therapeutics |
| ImmuCell vs. Transgene SA | ImmuCell vs. Alpha Cognition | ImmuCell vs. Fennec Pharmaceuticals | ImmuCell vs. Lipella Pharmaceuticals Common |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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