Correlation Between Inhibrx and Genelux Common
Can any of the company-specific risk be diversified away by investing in both Inhibrx and Genelux Common 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 Genelux Common into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Inhibrx and Genelux Common, you can compare the effects of market volatilities on Inhibrx and Genelux Common 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 Genelux Common. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inhibrx and Genelux Common.
Diversification Opportunities for Inhibrx and Genelux Common
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Inhibrx and Genelux is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Inhibrx and Genelux Common in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genelux Common 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 Genelux Common. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genelux Common has no effect on the direction of Inhibrx i.e., Inhibrx and Genelux Common go up and down completely randomly.
Pair Corralation between Inhibrx and Genelux Common
Given the investment horizon of 90 days Inhibrx is expected to under-perform the Genelux Common. But the stock apears to be less risky and, when comparing its historical volatility, Inhibrx is 1.56 times less risky than Genelux Common. The stock trades about -0.21 of its potential returns per unit of risk. The Genelux Common is currently generating about 0.37 of returns per unit of risk over similar time horizon. If you would invest 254.00 in Genelux Common on November 5, 2024 and sell it today you would earn a total of 139.00 from holding Genelux Common or generate 54.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Inhibrx vs. Genelux Common
Performance |
| Timeline |
| Inhibrx |
| Genelux Common |
Inhibrx and Genelux Common Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inhibrx and Genelux Common
The main advantage of trading using opposite Inhibrx and Genelux Common positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inhibrx position performs unexpectedly, Genelux Common 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 Genelux Common will offset losses from the drop in Genelux Common's long position.| Inhibrx vs. Crinetics Pharmaceuticals | Inhibrx vs. Merus BV | Inhibrx vs. Lyell Immunopharma | Inhibrx vs. Kronos Bio |
| Genelux Common vs. Dyadic International | Genelux Common vs. Cingulate | Genelux Common vs. Monopar Therapeutics | Genelux Common vs. Terns Pharmaceuticals |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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