Correlation Between Ikena Oncology and Lumos Pharma
Can any of the company-specific risk be diversified away by investing in both Ikena Oncology and Lumos Pharma 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 Ikena Oncology and Lumos Pharma into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ikena Oncology and Lumos Pharma, you can compare the effects of market volatilities on Ikena Oncology and Lumos Pharma 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 Ikena Oncology with a short position of Lumos Pharma. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ikena Oncology and Lumos Pharma.
Diversification Opportunities for Ikena Oncology and Lumos Pharma
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ikena and Lumos is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ikena Oncology and Lumos Pharma in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lumos Pharma and Ikena Oncology 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 Ikena Oncology are associated (or correlated) with Lumos Pharma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lumos Pharma has no effect on the direction of Ikena Oncology i.e., Ikena Oncology and Lumos Pharma go up and down completely randomly.
Pair Corralation between Ikena Oncology and Lumos Pharma
If you would invest (100.00) in Lumos Pharma on November 28, 2024 and sell it today you would earn a total of 100.00 from holding Lumos Pharma or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Ikena Oncology vs. Lumos Pharma
Performance |
| Timeline |
| Ikena Oncology |
| Lumos Pharma |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Ikena Oncology and Lumos Pharma Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ikena Oncology and Lumos Pharma
The main advantage of trading using opposite Ikena Oncology and Lumos Pharma positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ikena Oncology position performs unexpectedly, Lumos Pharma 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 Lumos Pharma will offset losses from the drop in Lumos Pharma's long position.| Ikena Oncology vs. Edgewise Therapeutics | Ikena Oncology vs. Design Therapeutics | Ikena Oncology vs. Xilio Development | Ikena Oncology vs. Monte Rosa Therapeutics |
| Lumos Pharma vs. Shattuck Labs | Lumos Pharma vs. Champions Oncology | Lumos Pharma vs. Century Therapeutics | Lumos Pharma vs. Silo Pharma |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |