Correlation Between Integrated Media and Inhibrx
Can any of the company-specific risk be diversified away by investing in both Integrated Media and Inhibrx 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 Integrated Media and Inhibrx into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Integrated Media Technology and Inhibrx, you can compare the effects of market volatilities on Integrated Media and Inhibrx 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 Integrated Media with a short position of Inhibrx. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integrated Media and Inhibrx.
Diversification Opportunities for Integrated Media and Inhibrx
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Integrated and Inhibrx is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Integrated Media Technology and Inhibrx in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inhibrx and Integrated Media 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 Integrated Media Technology are associated (or correlated) with Inhibrx. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inhibrx has no effect on the direction of Integrated Media i.e., Integrated Media and Inhibrx go up and down completely randomly.
Pair Corralation between Integrated Media and Inhibrx
Given the investment horizon of 90 days Integrated Media Technology is expected to under-perform the Inhibrx. In addition to that, Integrated Media is 2.28 times more volatile than Inhibrx. It trades about -0.26 of its total potential returns per unit of risk. Inhibrx is currently generating about 0.05 per unit of volatility. If you would invest 1,360 in Inhibrx on December 23, 2024 and sell it today you would earn a total of 75.00 from holding Inhibrx or generate 5.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Integrated Media Technology vs. Inhibrx
Performance |
| Timeline |
| Integrated Media Tec |
| Inhibrx |
Integrated Media and Inhibrx Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Integrated Media and Inhibrx
The main advantage of trading using opposite Integrated Media and Inhibrx positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integrated Media position performs unexpectedly, Inhibrx 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 Inhibrx will offset losses from the drop in Inhibrx's long position.| Integrated Media vs. SigmaTron International | Integrated Media vs. Data IO | Integrated Media vs. Research Frontiers Incorporated | Integrated Media vs. Maris Tech |
| Inhibrx vs. Crinetics Pharmaceuticals | Inhibrx vs. Merus BV | Inhibrx vs. Lyell Immunopharma | Inhibrx vs. Kronos Bio |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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