Correlation Between ImmunoGen and Geron
Can any of the company-specific risk be diversified away by investing in both ImmunoGen and Geron 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 Geron into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ImmunoGen and Geron, you can compare the effects of market volatilities on ImmunoGen and Geron 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 Geron. Check out your portfolio center. Please also check ongoing floating volatility patterns of ImmunoGen and Geron.
Diversification Opportunities for ImmunoGen and Geron
Excellent diversification
The 3 months correlation between ImmunoGen and Geron is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding ImmunoGen and Geron in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Geron 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 Geron. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Geron has no effect on the direction of ImmunoGen i.e., ImmunoGen and Geron go up and down completely randomly.
Pair Corralation between ImmunoGen and Geron
If you would invest 411.00 in Geron on September 2, 2024 and sell it today you would earn a total of 1.00 from holding Geron or generate 0.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
ImmunoGen vs. Geron
Performance |
| Timeline |
| ImmunoGen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Geron |
ImmunoGen and Geron Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ImmunoGen and Geron
The main advantage of trading using opposite ImmunoGen and Geron positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ImmunoGen position performs unexpectedly, Geron 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 Geron will offset losses from the drop in Geron's long position.| ImmunoGen vs. Madrigal Pharmaceuticals | ImmunoGen vs. TG Therapeutics | ImmunoGen vs. Terns Pharmaceuticals | ImmunoGen vs. Hepion Pharmaceuticals |
| Geron vs. Viking Therapeutics | Geron vs. TG Therapeutics | Geron vs. X4 Pharmaceuticals | Geron vs. PDS Biotechnology Corp |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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