Correlation Between Agilon Health and Immatics
Can any of the company-specific risk be diversified away by investing in both Agilon Health and Immatics 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 Immatics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between agilon health and Immatics NV, you can compare the effects of market volatilities on Agilon Health and Immatics 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 Immatics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agilon Health and Immatics.
Diversification Opportunities for Agilon Health and Immatics
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Agilon and Immatics is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding agilon health and Immatics NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Immatics NV 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 Immatics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Immatics NV has no effect on the direction of Agilon Health i.e., Agilon Health and Immatics go up and down completely randomly.
Pair Corralation between Agilon Health and Immatics
Considering the 90-day investment horizon agilon health is expected to generate 5.31 times more return on investment than Immatics. However, Agilon Health is 5.31 times more volatile than Immatics NV. It trades about -0.02 of its potential returns per unit of risk. Immatics NV is currently generating about -0.45 per unit of risk. If you would invest 270.00 in agilon health on August 27, 2024 and sell it today you would lose (44.00) from holding agilon health or give up 16.3% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
agilon health vs. Immatics NV
Performance |
| Timeline |
| agilon health |
| Immatics NV |
Agilon Health and Immatics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agilon Health and Immatics
The main advantage of trading using opposite Agilon Health and Immatics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agilon Health position performs unexpectedly, Immatics 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 Immatics will offset losses from the drop in Immatics' 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 |
| Immatics vs. Crinetics Pharmaceuticals | Immatics vs. Alx Oncology Holdings | Immatics vs. Bioatla | Immatics vs. Aerovate 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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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