Correlation Between Bristol Myers and Imunon
Can any of the company-specific risk be diversified away by investing in both Bristol Myers and Imunon 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 Bristol Myers and Imunon into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bristol Myers Squibb and Imunon Inc, you can compare the effects of market volatilities on Bristol Myers and Imunon 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 Bristol Myers with a short position of Imunon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bristol Myers and Imunon.
Diversification Opportunities for Bristol Myers and Imunon
-0.86 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bristol and Imunon is -0.86. Overlapping area represents the amount of risk that can be diversified away by holding Bristol Myers Squibb and Imunon Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Imunon Inc and Bristol Myers 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 Bristol Myers Squibb are associated (or correlated) with Imunon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Imunon Inc has no effect on the direction of Bristol Myers i.e., Bristol Myers and Imunon go up and down completely randomly.
Pair Corralation between Bristol Myers and Imunon
Considering the 90-day investment horizon Bristol Myers Squibb is expected to generate 0.49 times more return on investment than Imunon. However, Bristol Myers Squibb is 2.02 times less risky than Imunon. It trades about 0.12 of its potential returns per unit of risk. Imunon Inc is currently generating about -0.06 per unit of risk. If you would invest 5,577 in Bristol Myers Squibb on September 1, 2024 and sell it today you would earn a total of 345.00 from holding Bristol Myers Squibb or generate 6.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bristol Myers Squibb vs. Imunon Inc
Performance |
| Timeline |
| Bristol Myers Squibb |
| Imunon Inc |
Bristol Myers and Imunon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bristol Myers and Imunon
The main advantage of trading using opposite Bristol Myers and Imunon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bristol Myers position performs unexpectedly, Imunon 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 Imunon will offset losses from the drop in Imunon's long position.| Bristol Myers vs. Crinetics Pharmaceuticals | Bristol Myers vs. Enanta Pharmaceuticals | Bristol Myers vs. Amicus Therapeutics | Bristol Myers vs. Connect Biopharma Holdings |
| Imunon vs. Exicure | Imunon vs. Cyclacel Pharmaceuticals | Imunon vs. Histogen | Imunon vs. DiaMedica 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |