Correlation Between Agenus and Nuvectis Pharma

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Can any of the company-specific risk be diversified away by investing in both Agenus and Nuvectis Pharma 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 Nuvectis Pharma into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Agenus Inc and Nuvectis Pharma, you can compare the effects of market volatilities on Agenus and Nuvectis Pharma 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 Nuvectis Pharma. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agenus and Nuvectis Pharma.

Diversification Opportunities for Agenus and Nuvectis Pharma

AgenusNuvectisDiversified AwayAgenusNuvectisDiversified Away100%
0.57
  Correlation Coefficient

Very weak diversification

The 3 months correlation between Agenus and Nuvectis is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Agenus Inc and Nuvectis Pharma in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuvectis Pharma 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 Nuvectis Pharma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuvectis Pharma has no effect on the direction of Agenus i.e., Agenus and Nuvectis Pharma go up and down completely randomly.

Pair Corralation between Agenus and Nuvectis Pharma

Given the investment horizon of 90 days Agenus is expected to generate 6.59 times less return on investment than Nuvectis Pharma. In addition to that, Agenus is 1.16 times more volatile than Nuvectis Pharma. It trades about 0.02 of its total potential returns per unit of risk. Nuvectis Pharma is currently generating about 0.15 per unit of volatility. If you would invest  515.00  in Nuvectis Pharma on November 26, 2024 and sell it today you would earn a total of  229.00  from holding Nuvectis Pharma or generate 44.47% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Agenus Inc  vs.  Nuvectis Pharma

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb -20-10010203040
JavaScript chart by amCharts 3.21.15AGEN NVCT
       Timeline  
Agenus Inc 

Risk-Adjusted Performance

Weak

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Agenus Inc are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of very weak technical and fundamental indicators, Agenus may actually be approaching a critical reversion point that can send shares even higher in March 2025.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb2.62.833.23.43.63.844.2
Nuvectis Pharma 

Risk-Adjusted Performance

Good

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Nuvectis Pharma are ranked lower than 12 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively conflicting fundamental indicators, Nuvectis Pharma unveiled solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb4.555.566.577.58

Agenus and Nuvectis Pharma Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-17.85-13.37-8.89-4.410.04.59.1513.818.4523.11 0.0100.0110.0120.0130.0140.0150.0160.017
JavaScript chart by amCharts 3.21.15AGEN NVCT
       Returns  

Pair Trading with Agenus and Nuvectis Pharma

The main advantage of trading using opposite Agenus and Nuvectis Pharma positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agenus position performs unexpectedly, Nuvectis Pharma 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 Nuvectis Pharma will offset losses from the drop in Nuvectis Pharma's long position.
The idea behind Agenus Inc and Nuvectis Pharma 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.
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.

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