Correlation Between Histogen and Imunon
Can any of the company-specific risk be diversified away by investing in both Histogen 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 Histogen and Imunon into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Histogen and Imunon Inc, you can compare the effects of market volatilities on Histogen 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 Histogen with a short position of Imunon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Histogen and Imunon.
Diversification Opportunities for Histogen and Imunon
Excellent diversification
The 3 months correlation between Histogen and Imunon is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Histogen and Imunon Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Imunon Inc and Histogen 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 Histogen 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 Histogen i.e., Histogen and Imunon go up and down completely randomly.
Pair Corralation between Histogen and Imunon
Given the investment horizon of 90 days Histogen is expected to generate 1.46 times more return on investment than Imunon. However, Histogen is 1.46 times more volatile than Imunon Inc. It trades about 0.12 of its potential returns per unit of risk. Imunon Inc is currently generating about -0.23 per unit of risk. If you would invest 2.50 in Histogen on November 3, 2024 and sell it today you would earn a total of 0.20 from holding Histogen or generate 8.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.0% |
| Values | Daily Returns |
Histogen vs. Imunon Inc
Performance |
| Timeline |
| Histogen |
| Imunon Inc |
Histogen and Imunon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Histogen and Imunon
The main advantage of trading using opposite Histogen and Imunon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Histogen 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.| Histogen vs. Virax Biolabs Group | Histogen vs. Artelo Biosciences | Histogen vs. Curis Inc | Histogen vs. SAB Biotherapeutics |
| 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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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