Correlation Between Bright Minds and Agenus
Can any of the company-specific risk be diversified away by investing in both Bright Minds and Agenus 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 Bright Minds and Agenus into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bright Minds Biosciences and Agenus Inc, you can compare the effects of market volatilities on Bright Minds and Agenus 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 Bright Minds with a short position of Agenus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bright Minds and Agenus.
Diversification Opportunities for Bright Minds and Agenus
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Bright and Agenus is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding Bright Minds Biosciences and Agenus Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agenus Inc and Bright Minds 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 Bright Minds Biosciences are associated (or correlated) with Agenus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agenus Inc has no effect on the direction of Bright Minds i.e., Bright Minds and Agenus go up and down completely randomly.
Pair Corralation between Bright Minds and Agenus
Given the investment horizon of 90 days Bright Minds Biosciences is expected to generate 6.94 times more return on investment than Agenus. However, Bright Minds is 6.94 times more volatile than Agenus Inc. It trades about 0.05 of its potential returns per unit of risk. Agenus Inc is currently generating about -0.05 per unit of risk. If you would invest 475.00 in Bright Minds Biosciences on September 4, 2024 and sell it today you would earn a total of 4,125 from holding Bright Minds Biosciences or generate 868.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bright Minds Biosciences vs. Agenus Inc
Performance |
| Timeline |
| Bright Minds Biosciences |
| Agenus Inc |
Bright Minds and Agenus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bright Minds and Agenus
The main advantage of trading using opposite Bright Minds and Agenus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bright Minds position performs unexpectedly, Agenus 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 Agenus will offset losses from the drop in Agenus' long position.| Bright Minds vs. Revelation Biosciences | Bright Minds vs. Zura Bio Limited | Bright Minds vs. Phio Pharmaceuticals Corp | Bright Minds vs. ZyVersa Therapeutics |
| Agenus vs. Marker Therapeutics | Agenus vs. Edgewise Therapeutics | Agenus vs. Adaptimmune Therapeutics Plc | Agenus vs. Mereo BioPharma Group |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |