Correlation Between Agenus and Replimune
Can any of the company-specific risk be diversified away by investing in both Agenus and Replimune 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 Replimune into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Agenus Inc and Replimune Group, you can compare the effects of market volatilities on Agenus and Replimune 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 Replimune. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agenus and Replimune.
Diversification Opportunities for Agenus and Replimune
Weak diversification
The 3 months correlation between Agenus and Replimune is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Agenus Inc and Replimune Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Replimune Group 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 Replimune. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Replimune Group has no effect on the direction of Agenus i.e., Agenus and Replimune go up and down completely randomly.
Pair Corralation between Agenus and Replimune
Given the investment horizon of 90 days Agenus Inc is expected to under-perform the Replimune. In addition to that, Agenus is 1.57 times more volatile than Replimune Group. It trades about -0.01 of its total potential returns per unit of risk. Replimune Group is currently generating about 0.07 per unit of volatility. If you would invest 800.00 in Replimune Group on November 9, 2024 and sell it today you would earn a total of 606.00 from holding Replimune Group or generate 75.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agenus Inc vs. Replimune Group
Performance |
| Timeline |
| Agenus Inc |
| Replimune Group |
Agenus and Replimune Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agenus and Replimune
The main advantage of trading using opposite Agenus and Replimune positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agenus position performs unexpectedly, Replimune 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 Replimune will offset losses from the drop in Replimune's long position.| Agenus vs. Marker Therapeutics | Agenus vs. Edgewise Therapeutics | Agenus vs. Adaptimmune Therapeutics Plc | Agenus vs. Mereo BioPharma Group |
| Replimune vs. Nuvalent | Replimune vs. Ventyx Biosciences | Replimune vs. Ascendis Pharma AS | Replimune vs. United Therapeutics |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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