Correlation Between Inhibrx and Joint Corp
Can any of the company-specific risk be diversified away by investing in both Inhibrx and Joint Corp 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 Joint Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Inhibrx and The Joint Corp, you can compare the effects of market volatilities on Inhibrx and Joint Corp 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 Joint Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inhibrx and Joint Corp.
Diversification Opportunities for Inhibrx and Joint Corp
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Inhibrx and Joint is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Inhibrx and The Joint Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Joint Corp 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 Joint Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Joint Corp has no effect on the direction of Inhibrx i.e., Inhibrx and Joint Corp go up and down completely randomly.
Pair Corralation between Inhibrx and Joint Corp
Given the investment horizon of 90 days Inhibrx is expected to generate 8.3 times less return on investment than Joint Corp. In addition to that, Inhibrx is 1.01 times more volatile than The Joint Corp. It trades about 0.0 of its total potential returns per unit of risk. The Joint Corp is currently generating about 0.02 per unit of volatility. If you would invest 1,144 in The Joint Corp on August 30, 2024 and sell it today you would earn a total of 6.00 from holding The Joint Corp or generate 0.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 97.73% |
| Values | Daily Returns |
Inhibrx vs. The Joint Corp
Performance |
| Timeline |
| Inhibrx |
| Joint Corp |
Inhibrx and Joint Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inhibrx and Joint Corp
The main advantage of trading using opposite Inhibrx and Joint Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inhibrx position performs unexpectedly, Joint Corp 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 Joint Corp will offset losses from the drop in Joint Corp's long position.| Inhibrx vs. Crinetics Pharmaceuticals | Inhibrx vs. Merus BV | Inhibrx vs. Lyell Immunopharma | Inhibrx vs. Kronos Bio |
| Joint Corp vs. Humana Inc | Joint Corp vs. Cigna Corp | Joint Corp vs. Elevance Health | Joint Corp vs. Centene Corp |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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