Correlation Between Cingulate Warrants and Inhibrx
Can any of the company-specific risk be diversified away by investing in both Cingulate Warrants and Inhibrx 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 Cingulate Warrants and Inhibrx into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cingulate Warrants and Inhibrx, you can compare the effects of market volatilities on Cingulate Warrants and Inhibrx 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 Cingulate Warrants with a short position of Inhibrx. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cingulate Warrants and Inhibrx.
Diversification Opportunities for Cingulate Warrants and Inhibrx
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Cingulate and Inhibrx is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Cingulate Warrants and Inhibrx in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inhibrx and Cingulate Warrants 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 Cingulate Warrants are associated (or correlated) with Inhibrx. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inhibrx has no effect on the direction of Cingulate Warrants i.e., Cingulate Warrants and Inhibrx go up and down completely randomly.
Pair Corralation between Cingulate Warrants and Inhibrx
Assuming the 90 days horizon Cingulate Warrants is expected to generate 23.1 times more return on investment than Inhibrx. However, Cingulate Warrants is 23.1 times more volatile than Inhibrx. It trades about 0.12 of its potential returns per unit of risk. Inhibrx is currently generating about 0.01 per unit of risk. If you would invest 20.00 in Cingulate Warrants on September 13, 2024 and sell it today you would lose (16.63) from holding Cingulate Warrants or give up 83.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 75.15% |
| Values | Daily Returns |
Cingulate Warrants vs. Inhibrx
Performance |
| Timeline |
| Cingulate Warrants |
| Inhibrx |
Cingulate Warrants and Inhibrx Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cingulate Warrants and Inhibrx
The main advantage of trading using opposite Cingulate Warrants and Inhibrx positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cingulate Warrants position performs unexpectedly, Inhibrx 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 Inhibrx will offset losses from the drop in Inhibrx's long position.| Cingulate Warrants vs. Puma Biotechnology | Cingulate Warrants vs. Iovance Biotherapeutics | Cingulate Warrants vs. Sarepta Therapeutics | Cingulate Warrants vs. Day One Biopharmaceuticals |
| Inhibrx vs. Crinetics Pharmaceuticals | Inhibrx vs. Merus BV | Inhibrx vs. Lyell Immunopharma | Inhibrx vs. Kronos Bio |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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