Correlation Between ImmuCell and Replimune
Can any of the company-specific risk be diversified away by investing in both ImmuCell and Replimune 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 ImmuCell and Replimune into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ImmuCell and Replimune Group, you can compare the effects of market volatilities on ImmuCell and Replimune 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 ImmuCell with a short position of Replimune. Check out your portfolio center. Please also check ongoing floating volatility patterns of ImmuCell and Replimune.
Diversification Opportunities for ImmuCell and Replimune
Very good diversification
The 3 months correlation between ImmuCell and Replimune is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding ImmuCell and Replimune Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Replimune Group and ImmuCell 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 ImmuCell are associated (or correlated) with Replimune. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Replimune Group has no effect on the direction of ImmuCell i.e., ImmuCell and Replimune go up and down completely randomly.
Pair Corralation between ImmuCell and Replimune
Given the investment horizon of 90 days ImmuCell is expected to generate 8.41 times less return on investment than Replimune. But when comparing it to its historical volatility, ImmuCell is 4.77 times less risky than Replimune. It trades about 0.09 of its potential returns per unit of risk. Replimune Group is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 1,196 in Replimune Group on August 25, 2024 and sell it today you would earn a total of 297.00 from holding Replimune Group or generate 24.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ImmuCell vs. Replimune Group
Performance |
| Timeline |
| ImmuCell |
| Replimune Group |
ImmuCell and Replimune Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ImmuCell and Replimune
The main advantage of trading using opposite ImmuCell and Replimune positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ImmuCell position performs unexpectedly, Replimune 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 Replimune will offset losses from the drop in Replimune's long position.| ImmuCell vs. Transgene SA | ImmuCell vs. Alpha Cognition | ImmuCell vs. Fennec Pharmaceuticals | ImmuCell vs. Lipella Pharmaceuticals Common |
| Replimune vs. Nuvalent | Replimune vs. Ventyx Biosciences | Replimune vs. Ascendis Pharma AS | Replimune vs. United 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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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