Correlation Between Agilon Health and GlycoMimetics
Can any of the company-specific risk be diversified away by investing in both Agilon Health and GlycoMimetics 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 Agilon Health and GlycoMimetics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between agilon health and GlycoMimetics, you can compare the effects of market volatilities on Agilon Health and GlycoMimetics 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 Agilon Health with a short position of GlycoMimetics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agilon Health and GlycoMimetics.
Diversification Opportunities for Agilon Health and GlycoMimetics
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Agilon and GlycoMimetics is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding agilon health and GlycoMimetics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GlycoMimetics and Agilon Health 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 agilon health are associated (or correlated) with GlycoMimetics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GlycoMimetics has no effect on the direction of Agilon Health i.e., Agilon Health and GlycoMimetics go up and down completely randomly.
Pair Corralation between Agilon Health and GlycoMimetics
Considering the 90-day investment horizon agilon health is expected to under-perform the GlycoMimetics. But the stock apears to be less risky and, when comparing its historical volatility, agilon health is 2.32 times less risky than GlycoMimetics. The stock trades about -0.07 of its potential returns per unit of risk. The GlycoMimetics is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 225.00 in GlycoMimetics on August 25, 2024 and sell it today you would lose (193.00) from holding GlycoMimetics or give up 85.78% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
agilon health vs. GlycoMimetics
Performance |
| Timeline |
| agilon health |
| GlycoMimetics |
Agilon Health and GlycoMimetics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agilon Health and GlycoMimetics
The main advantage of trading using opposite Agilon Health and GlycoMimetics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agilon Health position performs unexpectedly, GlycoMimetics 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 GlycoMimetics will offset losses from the drop in GlycoMimetics' long position.| Agilon Health vs. Humana Inc | Agilon Health vs. Elevance Health | Agilon Health vs. Molina Healthcare | Agilon Health vs. Alignment Healthcare LLC |
| GlycoMimetics vs. Mineralys Therapeutics, Common | GlycoMimetics vs. Foghorn Therapeutics | GlycoMimetics vs. Inventiva Sa | GlycoMimetics vs. Dyne 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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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