Correlation Between ImmunoGen and Affimed NV
Can any of the company-specific risk be diversified away by investing in both ImmunoGen and Affimed NV 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 Affimed NV into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ImmunoGen and Affimed NV, you can compare the effects of market volatilities on ImmunoGen and Affimed NV 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 Affimed NV. Check out your portfolio center. Please also check ongoing floating volatility patterns of ImmunoGen and Affimed NV.
Diversification Opportunities for ImmunoGen and Affimed NV
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ImmunoGen and Affimed is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding ImmunoGen and Affimed NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Affimed NV 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 Affimed NV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Affimed NV has no effect on the direction of ImmunoGen i.e., ImmunoGen and Affimed NV go up and down completely randomly.
Pair Corralation between ImmunoGen and Affimed NV
If you would invest 1,820 in ImmunoGen on August 26, 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 | 4.55% |
| Values | Daily Returns |
ImmunoGen vs. Affimed NV
Performance |
| Timeline |
| ImmunoGen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Affimed NV |
ImmunoGen and Affimed NV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ImmunoGen and Affimed NV
The main advantage of trading using opposite ImmunoGen and Affimed NV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ImmunoGen position performs unexpectedly, Affimed NV 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 Affimed NV will offset losses from the drop in Affimed NV's long position.| ImmunoGen vs. Madrigal Pharmaceuticals | ImmunoGen vs. TG Therapeutics | ImmunoGen vs. Terns Pharmaceuticals | ImmunoGen vs. Hepion Pharmaceuticals |
| Affimed NV vs. Eliem Therapeutics | Affimed NV vs. HCW Biologics | Affimed NV vs. Scpharmaceuticals | Affimed NV vs. Milestone 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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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