Correlation Between Agenus and Aeterna Zentaris
Can any of the company-specific risk be diversified away by investing in both Agenus and Aeterna Zentaris 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 Agenus and Aeterna Zentaris into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Agenus Inc and Aeterna Zentaris, you can compare the effects of market volatilities on Agenus and Aeterna Zentaris 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 Agenus with a short position of Aeterna Zentaris. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agenus and Aeterna Zentaris.
Diversification Opportunities for Agenus and Aeterna Zentaris
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Agenus and Aeterna is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Agenus Inc and Aeterna Zentaris in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aeterna Zentaris and Agenus 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 Agenus Inc are associated (or correlated) with Aeterna Zentaris. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aeterna Zentaris has no effect on the direction of Agenus i.e., Agenus and Aeterna Zentaris go up and down completely randomly.
Pair Corralation between Agenus and Aeterna Zentaris
Given the investment horizon of 90 days Agenus Inc is expected to under-perform the Aeterna Zentaris. In addition to that, Agenus is 1.55 times more volatile than Aeterna Zentaris. It trades about -0.03 of its total potential returns per unit of risk. Aeterna Zentaris is currently generating about 0.0 per unit of volatility. If you would invest 792.00 in Aeterna Zentaris on August 26, 2024 and sell it today you would lose (178.00) from holding Aeterna Zentaris or give up 22.47% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 70.28% |
| Values | Daily Returns |
Agenus Inc vs. Aeterna Zentaris
Performance |
| Timeline |
| Agenus Inc |
| Aeterna Zentaris |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Agenus and Aeterna Zentaris Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agenus and Aeterna Zentaris
The main advantage of trading using opposite Agenus and Aeterna Zentaris positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agenus position performs unexpectedly, Aeterna Zentaris 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 Aeterna Zentaris will offset losses from the drop in Aeterna Zentaris' long position.| Agenus vs. Marker Therapeutics | Agenus vs. Edgewise Therapeutics | Agenus vs. Adaptimmune Therapeutics Plc | Agenus vs. Mereo BioPharma Group |
| Aeterna Zentaris vs. Pulmatrix | Aeterna Zentaris vs. Bio Path Holdings | Aeterna Zentaris vs. Moleculin Biotech | Aeterna Zentaris vs. Adial 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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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