Correlation Between Agilon Health and Immutep
Can any of the company-specific risk be diversified away by investing in both Agilon Health and Immutep 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 Immutep into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between agilon health and Immutep Ltd ADR, you can compare the effects of market volatilities on Agilon Health and Immutep 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 Immutep. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agilon Health and Immutep.
Diversification Opportunities for Agilon Health and Immutep
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Agilon and Immutep is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding agilon health and Immutep Ltd ADR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Immutep Ltd ADR 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 Immutep. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Immutep Ltd ADR has no effect on the direction of Agilon Health i.e., Agilon Health and Immutep go up and down completely randomly.
Pair Corralation between Agilon Health and Immutep
Considering the 90-day investment horizon agilon health is expected to under-perform the Immutep. In addition to that, Agilon Health is 2.48 times more volatile than Immutep Ltd ADR. It trades about -0.06 of its total potential returns per unit of risk. Immutep Ltd ADR is currently generating about 0.02 per unit of volatility. If you would invest 192.00 in Immutep Ltd ADR on August 29, 2024 and sell it today you would lose (1.00) from holding Immutep Ltd ADR or give up 0.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
agilon health vs. Immutep Ltd ADR
Performance |
| Timeline |
| agilon health |
| Immutep Ltd ADR |
Agilon Health and Immutep Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agilon Health and Immutep
The main advantage of trading using opposite Agilon Health and Immutep positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agilon Health position performs unexpectedly, Immutep 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 Immutep will offset losses from the drop in Immutep's long position.| Agilon Health vs. The Ensign Group | Agilon Health vs. Universal Health Services | Agilon Health vs. Addus HomeCare | Agilon Health vs. Encompass Health Corp |
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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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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