Correlation Between Hyundai and ImmunoGen
Can any of the company-specific risk be diversified away by investing in both Hyundai and ImmunoGen 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 Hyundai and ImmunoGen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hyundai Motor Co and ImmunoGen, you can compare the effects of market volatilities on Hyundai and ImmunoGen 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 Hyundai with a short position of ImmunoGen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hyundai and ImmunoGen.
Diversification Opportunities for Hyundai and ImmunoGen
Excellent diversification
The 3 months correlation between Hyundai and ImmunoGen is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Hyundai Motor Co and ImmunoGen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ImmunoGen and Hyundai 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 Hyundai Motor Co are associated (or correlated) with ImmunoGen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ImmunoGen has no effect on the direction of Hyundai i.e., Hyundai and ImmunoGen go up and down completely randomly.
Pair Corralation between Hyundai and ImmunoGen
If you would invest 1,820 in ImmunoGen on August 30, 2024 and sell it today you would earn a total of 0.00 from holding ImmunoGen or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.35% |
| Values | Daily Returns |
Hyundai Motor Co vs. ImmunoGen
Performance |
| Timeline |
| Hyundai Motor |
| ImmunoGen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Hyundai and ImmunoGen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hyundai and ImmunoGen
The main advantage of trading using opposite Hyundai and ImmunoGen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hyundai position performs unexpectedly, ImmunoGen 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 ImmunoGen will offset losses from the drop in ImmunoGen's long position.| Hyundai vs. Buhler Industries | Hyundai vs. AmeraMex International | Hyundai vs. Textainer Group Holdings | Hyundai vs. Deere Company |
| ImmunoGen vs. Madrigal Pharmaceuticals | ImmunoGen vs. TG Therapeutics | ImmunoGen vs. Terns Pharmaceuticals | ImmunoGen vs. Hepion Pharmaceuticals |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |