Correlation Between IMAC Holdings and Replimune
Can any of the company-specific risk be diversified away by investing in both IMAC Holdings and Replimune 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 IMAC Holdings and Replimune into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between IMAC Holdings and Replimune Group, you can compare the effects of market volatilities on IMAC Holdings and Replimune 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 IMAC Holdings with a short position of Replimune. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAC Holdings and Replimune.
Diversification Opportunities for IMAC Holdings and Replimune
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between IMAC and Replimune is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding IMAC Holdings and Replimune Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Replimune Group and IMAC Holdings 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 IMAC Holdings are associated (or correlated) with Replimune. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Replimune Group has no effect on the direction of IMAC Holdings i.e., IMAC Holdings and Replimune go up and down completely randomly.
Pair Corralation between IMAC Holdings and Replimune
Given the investment horizon of 90 days IMAC Holdings is expected to under-perform the Replimune. But the stock apears to be less risky and, when comparing its historical volatility, IMAC Holdings is 2.23 times less risky than Replimune. The stock trades about -0.14 of its potential returns per unit of risk. The Replimune Group is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 1,211 in Replimune Group on August 31, 2024 and sell it today you would earn a total of 194.00 from holding Replimune Group or generate 16.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
IMAC Holdings vs. Replimune Group
Performance |
| Timeline |
| IMAC Holdings |
| Replimune Group |
IMAC Holdings and Replimune Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAC Holdings and Replimune
The main advantage of trading using opposite IMAC Holdings and Replimune positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAC Holdings position performs unexpectedly, Replimune 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 Replimune will offset losses from the drop in Replimune's long position.| IMAC Holdings vs. Oncology Institute | IMAC Holdings vs. Aveanna Healthcare Holdings | IMAC Holdings vs. P3 Health Partners | IMAC Holdings vs. Novo Integrated Sciences |
| Replimune vs. Nuvalent | Replimune vs. Ventyx Biosciences | Replimune vs. Ascendis Pharma AS | Replimune vs. United 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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