Correlation Between Imunon and Histogen
Can any of the company-specific risk be diversified away by investing in both Imunon and Histogen 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 Imunon and Histogen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Imunon Inc and Histogen, you can compare the effects of market volatilities on Imunon and Histogen 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 Imunon with a short position of Histogen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Imunon and Histogen.
Diversification Opportunities for Imunon and Histogen
Excellent diversification
The 3 months correlation between Imunon and Histogen is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Imunon Inc and Histogen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Histogen and Imunon 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 Imunon Inc are associated (or correlated) with Histogen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Histogen has no effect on the direction of Imunon i.e., Imunon and Histogen go up and down completely randomly.
Pair Corralation between Imunon and Histogen
Given the investment horizon of 90 days Imunon Inc is expected to generate 0.88 times more return on investment than Histogen. However, Imunon Inc is 1.14 times less risky than Histogen. It trades about 0.06 of its potential returns per unit of risk. Histogen is currently generating about 0.03 per unit of risk. If you would invest 55.00 in Imunon Inc on November 3, 2024 and sell it today you would earn a total of 36.00 from holding Imunon Inc or generate 65.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.19% |
| Values | Daily Returns |
Imunon Inc vs. Histogen
Performance |
| Timeline |
| Imunon Inc |
| Histogen |
Imunon and Histogen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Imunon and Histogen
The main advantage of trading using opposite Imunon and Histogen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Imunon position performs unexpectedly, Histogen 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 Histogen will offset losses from the drop in Histogen's long position.| Imunon vs. Exicure | Imunon vs. Cyclacel Pharmaceuticals | Imunon vs. Histogen | Imunon vs. DiaMedica Therapeutics |
| Histogen vs. Virax Biolabs Group | Histogen vs. Artelo Biosciences | Histogen vs. Curis Inc | Histogen vs. SAB Biotherapeutics |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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