Correlation Between Inhibrx and BriaCell Therapeutics
Can any of the company-specific risk be diversified away by investing in both Inhibrx and BriaCell 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 Inhibrx and BriaCell Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Inhibrx and BriaCell Therapeutics Corp, you can compare the effects of market volatilities on Inhibrx and BriaCell 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 Inhibrx with a short position of BriaCell Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inhibrx and BriaCell Therapeutics.
Diversification Opportunities for Inhibrx and BriaCell Therapeutics
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Inhibrx and BriaCell is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Inhibrx and BriaCell Therapeutics Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BriaCell Therapeutics and Inhibrx 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 Inhibrx are associated (or correlated) with BriaCell Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BriaCell Therapeutics has no effect on the direction of Inhibrx i.e., Inhibrx and BriaCell Therapeutics go up and down completely randomly.
Pair Corralation between Inhibrx and BriaCell Therapeutics
Given the investment horizon of 90 days Inhibrx is expected to under-perform the BriaCell Therapeutics. But the stock apears to be less risky and, when comparing its historical volatility, Inhibrx is 3.78 times less risky than BriaCell Therapeutics. The stock trades about -0.01 of its potential returns per unit of risk. The BriaCell Therapeutics Corp is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 21.00 in BriaCell Therapeutics Corp on September 2, 2024 and sell it today you would earn a total of 22.00 from holding BriaCell Therapeutics Corp or generate 104.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.44% |
| Values | Daily Returns |
Inhibrx vs. BriaCell Therapeutics Corp
Performance |
| Timeline |
| Inhibrx |
| BriaCell Therapeutics |
Inhibrx and BriaCell Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inhibrx and BriaCell Therapeutics
The main advantage of trading using opposite Inhibrx and BriaCell Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inhibrx position performs unexpectedly, BriaCell 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 BriaCell Therapeutics will offset losses from the drop in BriaCell Therapeutics' long position.| Inhibrx vs. Crinetics Pharmaceuticals | Inhibrx vs. Merus BV | Inhibrx vs. Lyell Immunopharma | Inhibrx vs. Kronos Bio |
| BriaCell Therapeutics vs. Briacell Therapeutics Corp | BriaCell Therapeutics vs. GeoVax Labs | BriaCell Therapeutics vs. immatics biotechnologies GmbH | BriaCell Therapeutics vs. CannBioRx Life Sciences |
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 Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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