Correlation Between AnaptysBio and Immunome
Can any of the company-specific risk be diversified away by investing in both AnaptysBio and Immunome 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 AnaptysBio and Immunome into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AnaptysBio and Immunome, you can compare the effects of market volatilities on AnaptysBio and Immunome 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 AnaptysBio with a short position of Immunome. Check out your portfolio center. Please also check ongoing floating volatility patterns of AnaptysBio and Immunome.
Diversification Opportunities for AnaptysBio and Immunome
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between AnaptysBio and Immunome is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding AnaptysBio and Immunome in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Immunome and AnaptysBio 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 AnaptysBio are associated (or correlated) with Immunome. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Immunome has no effect on the direction of AnaptysBio i.e., AnaptysBio and Immunome go up and down completely randomly.
Pair Corralation between AnaptysBio and Immunome
Given the investment horizon of 90 days AnaptysBio is expected to generate 0.79 times more return on investment than Immunome. However, AnaptysBio is 1.27 times less risky than Immunome. It trades about 0.41 of its potential returns per unit of risk. Immunome is currently generating about 0.02 per unit of risk. If you would invest 1,336 in AnaptysBio on November 3, 2024 and sell it today you would earn a total of 457.00 from holding AnaptysBio or generate 34.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
AnaptysBio vs. Immunome
Performance |
| Timeline |
| AnaptysBio |
| Immunome |
AnaptysBio and Immunome Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AnaptysBio and Immunome
The main advantage of trading using opposite AnaptysBio and Immunome positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AnaptysBio position performs unexpectedly, Immunome 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 Immunome will offset losses from the drop in Immunome's long position.| AnaptysBio vs. Crinetics Pharmaceuticals | AnaptysBio vs. Rhythm Pharmaceuticals | AnaptysBio vs. Kura Oncology | AnaptysBio vs. CytomX Therapeutics |
| Immunome vs. Anebulo Pharmaceuticals | Immunome vs. Adagene | Immunome vs. Acrivon Therapeutics, Common | Immunome vs. AnaptysBio |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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