Correlation Between Agenus and Exicure
Can any of the company-specific risk be diversified away by investing in both Agenus and Exicure 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 Exicure into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Agenus Inc and Exicure, you can compare the effects of market volatilities on Agenus and Exicure 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 Exicure. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agenus and Exicure.
Diversification Opportunities for Agenus and Exicure
Very good diversification
The 3 months correlation between Agenus and Exicure is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Agenus Inc and Exicure in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Exicure 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 Exicure. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exicure has no effect on the direction of Agenus i.e., Agenus and Exicure go up and down completely randomly.
Pair Corralation between Agenus and Exicure
Given the investment horizon of 90 days Agenus Inc is expected to under-perform the Exicure. But the stock apears to be less risky and, when comparing its historical volatility, Agenus Inc is 2.35 times less risky than Exicure. The stock trades about -0.1 of its potential returns per unit of risk. The Exicure is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 222.00 in Exicure on August 29, 2024 and sell it today you would earn a total of 2,977 from holding Exicure or generate 1340.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agenus Inc vs. Exicure
Performance |
| Timeline |
| Agenus Inc |
| Exicure |
Agenus and Exicure Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agenus and Exicure
The main advantage of trading using opposite Agenus and Exicure positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agenus position performs unexpectedly, Exicure 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 Exicure will offset losses from the drop in Exicure's long position.| Agenus vs. Marker Therapeutics | Agenus vs. Edgewise Therapeutics | Agenus vs. Adaptimmune Therapeutics Plc | Agenus vs. Mereo BioPharma Group |
| Exicure vs. Ikena Oncology | Exicure vs. Eliem Therapeutics | Exicure vs. HCW Biologics | Exicure vs. RenovoRx |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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