Correlation Between Angion Biomedica and INmune Bio
Can any of the company-specific risk be diversified away by investing in both Angion Biomedica and INmune Bio 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 Angion Biomedica and INmune Bio into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Angion Biomedica Corp and INmune Bio, you can compare the effects of market volatilities on Angion Biomedica and INmune Bio 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 Angion Biomedica with a short position of INmune Bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Angion Biomedica and INmune Bio.
Diversification Opportunities for Angion Biomedica and INmune Bio
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Angion and INmune is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Angion Biomedica Corp and INmune Bio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INmune Bio and Angion Biomedica 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 Angion Biomedica Corp are associated (or correlated) with INmune Bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INmune Bio has no effect on the direction of Angion Biomedica i.e., Angion Biomedica and INmune Bio go up and down completely randomly.
Pair Corralation between Angion Biomedica and INmune Bio
If you would invest 530.00 in INmune Bio on November 4, 2024 and sell it today you would earn a total of 392.00 from holding INmune Bio or generate 73.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 5.0% |
| Values | Daily Returns |
Angion Biomedica Corp vs. INmune Bio
Performance |
| Timeline |
| Angion Biomedica Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| INmune Bio |
Angion Biomedica and INmune Bio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Angion Biomedica and INmune Bio
The main advantage of trading using opposite Angion Biomedica and INmune Bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Angion Biomedica position performs unexpectedly, INmune Bio 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 INmune Bio will offset losses from the drop in INmune Bio's long position.| Angion Biomedica vs. Apollomics Class A | Angion Biomedica vs. Pyxis Oncology | Angion Biomedica vs. Zura Bio Limited | Angion Biomedica vs. Elevation Oncology |
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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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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