Correlation Between Inhibrx and Regenxbio
Can any of the company-specific risk be diversified away by investing in both Inhibrx and Regenxbio 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 Regenxbio into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Inhibrx and Regenxbio, you can compare the effects of market volatilities on Inhibrx and Regenxbio 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 Regenxbio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inhibrx and Regenxbio.
Diversification Opportunities for Inhibrx and Regenxbio
Very weak diversification
The 3 months correlation between Inhibrx and Regenxbio is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Inhibrx and Regenxbio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Regenxbio 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 Regenxbio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Regenxbio has no effect on the direction of Inhibrx i.e., Inhibrx and Regenxbio go up and down completely randomly.
Pair Corralation between Inhibrx and Regenxbio
Given the investment horizon of 90 days Inhibrx is expected to under-perform the Regenxbio. In addition to that, Inhibrx is 1.16 times more volatile than Regenxbio. It trades about -0.11 of its total potential returns per unit of risk. Regenxbio is currently generating about 0.03 per unit of volatility. If you would invest 786.00 in Regenxbio on November 2, 2024 and sell it today you would earn a total of 4.00 from holding Regenxbio or generate 0.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Inhibrx vs. Regenxbio
Performance |
| Timeline |
| Inhibrx |
| Regenxbio |
Inhibrx and Regenxbio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inhibrx and Regenxbio
The main advantage of trading using opposite Inhibrx and Regenxbio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inhibrx position performs unexpectedly, Regenxbio 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 Regenxbio will offset losses from the drop in Regenxbio's long position.| Inhibrx vs. Crinetics Pharmaceuticals | Inhibrx vs. Merus BV | Inhibrx vs. Lyell Immunopharma | Inhibrx vs. Kronos Bio |
| Regenxbio vs. Day One Biopharmaceuticals | Regenxbio vs. Replimune Group | Regenxbio vs. Mirum Pharmaceuticals | Regenxbio vs. Rocket 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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