Correlation Between ImmunoGen and Acumen Pharmaceuticals
Can any of the company-specific risk be diversified away by investing in both ImmunoGen and Acumen Pharmaceuticals 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 ImmunoGen and Acumen Pharmaceuticals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ImmunoGen and Acumen Pharmaceuticals, you can compare the effects of market volatilities on ImmunoGen and Acumen Pharmaceuticals 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 ImmunoGen with a short position of Acumen Pharmaceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of ImmunoGen and Acumen Pharmaceuticals.
Diversification Opportunities for ImmunoGen and Acumen Pharmaceuticals
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between ImmunoGen and Acumen is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding ImmunoGen and Acumen Pharmaceuticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Acumen Pharmaceuticals and ImmunoGen 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 ImmunoGen are associated (or correlated) with Acumen Pharmaceuticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Acumen Pharmaceuticals has no effect on the direction of ImmunoGen i.e., ImmunoGen and Acumen Pharmaceuticals go up and down completely randomly.
Pair Corralation between ImmunoGen and Acumen Pharmaceuticals
Given the investment horizon of 90 days ImmunoGen is expected to generate 1.94 times more return on investment than Acumen Pharmaceuticals. However, ImmunoGen is 1.94 times more volatile than Acumen Pharmaceuticals. It trades about 0.1 of its potential returns per unit of risk. Acumen Pharmaceuticals is currently generating about 0.0 per unit of risk. If you would invest 547.00 in ImmunoGen on August 23, 2024 and sell it today you would earn a total of 1,273 from holding ImmunoGen or generate 232.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 32.26% |
| Values | Daily Returns |
ImmunoGen vs. Acumen Pharmaceuticals
Performance |
| Timeline |
| ImmunoGen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Acumen Pharmaceuticals |
ImmunoGen and Acumen Pharmaceuticals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ImmunoGen and Acumen Pharmaceuticals
The main advantage of trading using opposite ImmunoGen and Acumen Pharmaceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ImmunoGen position performs unexpectedly, Acumen Pharmaceuticals 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 Acumen Pharmaceuticals will offset losses from the drop in Acumen Pharmaceuticals' long position.| ImmunoGen vs. Madrigal Pharmaceuticals | ImmunoGen vs. TG Therapeutics | ImmunoGen vs. Terns Pharmaceuticals | ImmunoGen vs. Hepion Pharmaceuticals |
| Acumen Pharmaceuticals vs. Kiora Pharmaceuticals | Acumen Pharmaceuticals vs. ZyVersa Therapeutics | Acumen Pharmaceuticals vs. Sonnet Biotherapeutics Holdings | Acumen Pharmaceuticals vs. Zura Bio Limited |
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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