Correlation Between Geron and Agenus
Can any of the company-specific risk be diversified away by investing in both Geron 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 Geron and Agenus into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Geron and Agenus Inc, you can compare the effects of market volatilities on Geron 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 Geron with a short position of Agenus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Geron and Agenus.
Diversification Opportunities for Geron and Agenus
Very good diversification
The 3 months correlation between Geron and Agenus is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Geron and Agenus Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agenus Inc and Geron 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 Geron 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 Geron i.e., Geron and Agenus go up and down completely randomly.
Pair Corralation between Geron and Agenus
Given the investment horizon of 90 days Geron is expected to under-perform the Agenus. In addition to that, Geron is 1.53 times more volatile than Agenus Inc. It trades about -0.35 of its total potential returns per unit of risk. Agenus Inc is currently generating about -0.1 per unit of volatility. If you would invest 356.00 in Agenus Inc on November 29, 2024 and sell it today you would lose (43.00) from holding Agenus Inc or give up 12.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Geron vs. Agenus Inc
Performance |
| Timeline |
| Geron |
| Agenus Inc |
Geron and Agenus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Geron and Agenus
The main advantage of trading using opposite Geron and Agenus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Geron 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.| Geron vs. Viking Therapeutics | Geron vs. TG Therapeutics | Geron vs. X4 Pharmaceuticals | Geron vs. PDS Biotechnology Corp |
| 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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |