Correlation Between Agenus and Protagenic Therapeutics
Can any of the company-specific risk be diversified away by investing in both Agenus and Protagenic Therapeutics 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 Protagenic Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Agenus Inc and Protagenic Therapeutics, you can compare the effects of market volatilities on Agenus and Protagenic Therapeutics 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 Protagenic Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agenus and Protagenic Therapeutics.
Diversification Opportunities for Agenus and Protagenic Therapeutics
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Agenus and Protagenic is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Agenus Inc and Protagenic Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Protagenic Therapeutics 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 Protagenic Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Protagenic Therapeutics has no effect on the direction of Agenus i.e., Agenus and Protagenic Therapeutics go up and down completely randomly.
Pair Corralation between Agenus and Protagenic Therapeutics
Given the investment horizon of 90 days Agenus Inc is expected to under-perform the Protagenic Therapeutics. But the stock apears to be less risky and, when comparing its historical volatility, Agenus Inc is 1.01 times less risky than Protagenic Therapeutics. The stock trades about -0.05 of its potential returns per unit of risk. The Protagenic Therapeutics is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 208.00 in Protagenic Therapeutics on August 26, 2024 and sell it today you would lose (143.00) from holding Protagenic Therapeutics or give up 68.75% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agenus Inc vs. Protagenic Therapeutics
Performance |
| Timeline |
| Agenus Inc |
| Protagenic Therapeutics |
Agenus and Protagenic Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agenus and Protagenic Therapeutics
The main advantage of trading using opposite Agenus and Protagenic Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agenus position performs unexpectedly, Protagenic Therapeutics 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 Protagenic Therapeutics will offset losses from the drop in Protagenic Therapeutics' long position.| Agenus vs. Marker Therapeutics | Agenus vs. Edgewise Therapeutics | Agenus vs. Adaptimmune Therapeutics Plc | Agenus vs. Mereo BioPharma Group |
| Protagenic Therapeutics vs. Sino Biopharmaceutical Ltd | Protagenic Therapeutics vs. Eledon Pharmaceuticals | Protagenic Therapeutics vs. Rezolute | Protagenic Therapeutics vs. XOMA Corporation |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets |