Correlation Between Agenus and Affimed NV
Can any of the company-specific risk be diversified away by investing in both Agenus and Affimed NV 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 Affimed NV into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Agenus Inc and Affimed NV, you can compare the effects of market volatilities on Agenus and Affimed NV 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 Affimed NV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agenus and Affimed NV.
Diversification Opportunities for Agenus and Affimed NV
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Agenus and Affimed is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Agenus Inc and Affimed NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Affimed NV 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 Affimed NV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Affimed NV has no effect on the direction of Agenus i.e., Agenus and Affimed NV go up and down completely randomly.
Pair Corralation between Agenus and Affimed NV
Given the investment horizon of 90 days Agenus Inc is expected to generate 1.87 times more return on investment than Affimed NV. However, Agenus is 1.87 times more volatile than Affimed NV. It trades about 0.03 of its potential returns per unit of risk. Affimed NV is currently generating about -0.12 per unit of risk. If you would invest 348.00 in Agenus Inc on November 18, 2024 and sell it today you would earn a total of 3.00 from holding Agenus Inc or generate 0.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agenus Inc vs. Affimed NV
Performance |
| Timeline |
| Agenus Inc |
| Affimed NV |
Agenus and Affimed NV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agenus and Affimed NV
The main advantage of trading using opposite Agenus and Affimed NV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agenus position performs unexpectedly, Affimed NV 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 Affimed NV will offset losses from the drop in Affimed NV's long position.| Agenus vs. Marker Therapeutics | Agenus vs. Edgewise Therapeutics | Agenus vs. Adaptimmune Therapeutics Plc | Agenus vs. Mereo BioPharma Group |
| Affimed NV vs. ADC Therapeutics SA | Affimed NV vs. Agenus Inc | Affimed NV vs. X4 Pharmaceuticals | Affimed NV vs. Terns 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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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