Correlation Between Genelux Common and Inhibrx
Can any of the company-specific risk be diversified away by investing in both Genelux Common 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 Genelux Common and Inhibrx into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Genelux Common and Inhibrx, you can compare the effects of market volatilities on Genelux Common 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 Genelux Common with a short position of Inhibrx. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genelux Common and Inhibrx.
Diversification Opportunities for Genelux Common and Inhibrx
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Genelux and Inhibrx is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Genelux Common and Inhibrx in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inhibrx and Genelux Common 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 Genelux Common 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 Genelux Common i.e., Genelux Common and Inhibrx go up and down completely randomly.
Pair Corralation between Genelux Common and Inhibrx
Given the investment horizon of 90 days Genelux Common is expected to generate 1.72 times more return on investment than Inhibrx. However, Genelux Common is 1.72 times more volatile than Inhibrx. It trades about 0.07 of its potential returns per unit of risk. Inhibrx is currently generating about -0.09 per unit of risk. If you would invest 296.00 in Genelux Common on October 26, 2024 and sell it today you would earn a total of 40.00 from holding Genelux Common or generate 13.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Genelux Common vs. Inhibrx
Performance |
| Timeline |
| Genelux Common |
| Inhibrx |
Genelux Common and Inhibrx Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genelux Common and Inhibrx
The main advantage of trading using opposite Genelux Common and Inhibrx positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genelux Common 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.| Genelux Common vs. Dyadic International | Genelux Common vs. Cingulate | Genelux Common vs. Monopar Therapeutics | Genelux Common vs. Terns Pharmaceuticals |
| 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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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