Correlation Between Inhibrx and Repligen
Can any of the company-specific risk be diversified away by investing in both Inhibrx and Repligen 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 Repligen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Inhibrx and Repligen, you can compare the effects of market volatilities on Inhibrx and Repligen 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 Repligen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inhibrx and Repligen.
Diversification Opportunities for Inhibrx and Repligen
Average diversification
The 3 months correlation between Inhibrx and Repligen is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Inhibrx and Repligen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Repligen 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 Repligen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Repligen has no effect on the direction of Inhibrx i.e., Inhibrx and Repligen go up and down completely randomly.
Pair Corralation between Inhibrx and Repligen
Given the investment horizon of 90 days Inhibrx is expected to under-perform the Repligen. But the stock apears to be less risky and, when comparing its historical volatility, Inhibrx is 1.27 times less risky than Repligen. The stock trades about -0.03 of its potential returns per unit of risk. The Repligen is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 13,953 in Repligen on September 4, 2024 and sell it today you would earn a total of 1,093 from holding Repligen or generate 7.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Inhibrx vs. Repligen
Performance |
| Timeline |
| Inhibrx |
| Repligen |
Inhibrx and Repligen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inhibrx and Repligen
The main advantage of trading using opposite Inhibrx and Repligen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inhibrx position performs unexpectedly, Repligen 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 Repligen will offset losses from the drop in Repligen's long position.| Inhibrx vs. Crinetics Pharmaceuticals | Inhibrx vs. Merus BV | Inhibrx vs. Lyell Immunopharma | Inhibrx vs. Kronos Bio |
| Repligen vs. Intuitive Surgical | Repligen vs. ResMed Inc | Repligen vs. Merit Medical Systems | Repligen vs. ICU Medical |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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