Correlation Between Imunon and Kineta
Can any of the company-specific risk be diversified away by investing in both Imunon and Kineta 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 Kineta into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Imunon Inc and Kineta Inc, you can compare the effects of market volatilities on Imunon and Kineta 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 Kineta. Check out your portfolio center. Please also check ongoing floating volatility patterns of Imunon and Kineta.
Diversification Opportunities for Imunon and Kineta
Significant diversification
The 3 months correlation between Imunon and Kineta is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Imunon Inc and Kineta Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kineta Inc 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 Kineta. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kineta Inc has no effect on the direction of Imunon i.e., Imunon and Kineta go up and down completely randomly.
Pair Corralation between Imunon and Kineta
If you would invest 79.00 in Imunon Inc on October 23, 2024 and sell it today you would earn a total of 12.00 from holding Imunon Inc or generate 15.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 5.56% |
| Values | Daily Returns |
Imunon Inc vs. Kineta Inc
Performance |
| Timeline |
| Imunon Inc |
| Kineta Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Imunon and Kineta Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Imunon and Kineta
The main advantage of trading using opposite Imunon and Kineta positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Imunon position performs unexpectedly, Kineta 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 Kineta will offset losses from the drop in Kineta's long position.| Imunon vs. Exicure | Imunon vs. Cyclacel Pharmaceuticals | Imunon vs. DiaMedica Therapeutics | Imunon vs. Senti Biosciences |
| Kineta vs. Rezolute | Kineta vs. XOMA Corporation | Kineta vs. Protagenic Therapeutics | Kineta vs. Tempest Therapeutics |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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