Correlation Between Immatics Biotechnologies and Cue Biopharma
Can any of the company-specific risk be diversified away by investing in both Immatics Biotechnologies and Cue Biopharma 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 Immatics Biotechnologies and Cue Biopharma into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between immatics biotechnologies GmbH and Cue Biopharma, you can compare the effects of market volatilities on Immatics Biotechnologies and Cue Biopharma 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 Immatics Biotechnologies with a short position of Cue Biopharma. Check out your portfolio center. Please also check ongoing floating volatility patterns of Immatics Biotechnologies and Cue Biopharma.
Diversification Opportunities for Immatics Biotechnologies and Cue Biopharma
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Immatics and Cue is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding immatics biotechnologies GmbH and Cue Biopharma in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cue Biopharma and Immatics Biotechnologies 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 immatics biotechnologies GmbH are associated (or correlated) with Cue Biopharma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cue Biopharma has no effect on the direction of Immatics Biotechnologies i.e., Immatics Biotechnologies and Cue Biopharma go up and down completely randomly.
Pair Corralation between Immatics Biotechnologies and Cue Biopharma
Assuming the 90 days horizon immatics biotechnologies GmbH is expected to under-perform the Cue Biopharma. In addition to that, Immatics Biotechnologies is 1.35 times more volatile than Cue Biopharma. It trades about -0.28 of its total potential returns per unit of risk. Cue Biopharma is currently generating about -0.13 per unit of volatility. If you would invest 161.00 in Cue Biopharma on September 1, 2024 and sell it today you would lose (39.00) from holding Cue Biopharma or give up 24.22% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 85.71% |
| Values | Daily Returns |
immatics biotechnologies GmbH vs. Cue Biopharma
Performance |
| Timeline |
| Immatics Biotechnologies |
| Cue Biopharma |
Immatics Biotechnologies and Cue Biopharma Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Immatics Biotechnologies and Cue Biopharma
The main advantage of trading using opposite Immatics Biotechnologies and Cue Biopharma positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Immatics Biotechnologies position performs unexpectedly, Cue Biopharma 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 Cue Biopharma will offset losses from the drop in Cue Biopharma's long position.| Immatics Biotechnologies vs. Tff Pharmaceuticals | Immatics Biotechnologies vs. Eliem Therapeutics | Immatics Biotechnologies vs. Inhibrx | Immatics Biotechnologies vs. Enliven Therapeutics |
| Cue Biopharma vs. Tff Pharmaceuticals | Cue Biopharma vs. Eliem Therapeutics | Cue Biopharma vs. Inhibrx | Cue Biopharma vs. Enliven 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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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