Correlation Between ImmunoGen and Mink Therapeutics
Can any of the company-specific risk be diversified away by investing in both ImmunoGen and Mink Therapeutics 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 Mink Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ImmunoGen and Mink Therapeutics, you can compare the effects of market volatilities on ImmunoGen and Mink Therapeutics 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 Mink Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of ImmunoGen and Mink Therapeutics.
Diversification Opportunities for ImmunoGen and Mink Therapeutics
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ImmunoGen and Mink is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding ImmunoGen and Mink Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mink Therapeutics 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 Mink Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mink Therapeutics has no effect on the direction of ImmunoGen i.e., ImmunoGen and Mink Therapeutics go up and down completely randomly.
Pair Corralation between ImmunoGen and Mink Therapeutics
If you would invest 1,820 in ImmunoGen on August 30, 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. Mink Therapeutics
Performance |
| Timeline |
| ImmunoGen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Mink Therapeutics |
ImmunoGen and Mink Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ImmunoGen and Mink Therapeutics
The main advantage of trading using opposite ImmunoGen and Mink Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ImmunoGen position performs unexpectedly, Mink Therapeutics 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 Mink Therapeutics will offset losses from the drop in Mink Therapeutics' long position.| ImmunoGen vs. Madrigal Pharmaceuticals | ImmunoGen vs. TG Therapeutics | ImmunoGen vs. Terns Pharmaceuticals | ImmunoGen vs. Hepion Pharmaceuticals |
| Mink Therapeutics vs. Bright Minds Biosciences | Mink Therapeutics vs. HP Inc | Mink Therapeutics vs. Intel | Mink Therapeutics vs. Chevron 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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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