Correlation Between Cyteir Therapeutics and Imunon
Can any of the company-specific risk be diversified away by investing in both Cyteir Therapeutics 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 Cyteir Therapeutics and Imunon into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cyteir Therapeutics and Imunon Inc, you can compare the effects of market volatilities on Cyteir Therapeutics 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 Cyteir Therapeutics with a short position of Imunon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cyteir Therapeutics and Imunon.
Diversification Opportunities for Cyteir Therapeutics and Imunon
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Cyteir and Imunon is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Cyteir Therapeutics and Imunon Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Imunon Inc and Cyteir Therapeutics 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 Cyteir Therapeutics 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 Cyteir Therapeutics i.e., Cyteir Therapeutics and Imunon go up and down completely randomly.
Pair Corralation between Cyteir Therapeutics and Imunon
Considering the 90-day investment horizon Cyteir Therapeutics is expected to generate 0.49 times more return on investment than Imunon. However, Cyteir Therapeutics is 2.03 times less risky than Imunon. It trades about 0.11 of its potential returns per unit of risk. Imunon Inc is currently generating about 0.02 per unit of risk. If you would invest 136.00 in Cyteir Therapeutics on August 26, 2024 and sell it today you would earn a total of 140.00 from holding Cyteir Therapeutics or generate 102.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 31.79% |
| Values | Daily Returns |
Cyteir Therapeutics vs. Imunon Inc
Performance |
| Timeline |
| Cyteir Therapeutics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Imunon Inc |
Cyteir Therapeutics and Imunon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cyteir Therapeutics and Imunon
The main advantage of trading using opposite Cyteir Therapeutics and Imunon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cyteir Therapeutics 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.| Cyteir Therapeutics vs. Nuvation Bio | Cyteir Therapeutics vs. Foghorn Therapeutics | Cyteir Therapeutics vs. C4 Therapeutics | Cyteir Therapeutics vs. Prelude Therapeutics |
| 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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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