Correlation Between Inhibrx and TruBridge
Can any of the company-specific risk be diversified away by investing in both Inhibrx and TruBridge 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 TruBridge into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Inhibrx and TruBridge, you can compare the effects of market volatilities on Inhibrx and TruBridge 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 TruBridge. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inhibrx and TruBridge.
Diversification Opportunities for Inhibrx and TruBridge
Very good diversification
The 3 months correlation between Inhibrx and TruBridge is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Inhibrx and TruBridge in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TruBridge 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 TruBridge. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TruBridge has no effect on the direction of Inhibrx i.e., Inhibrx and TruBridge go up and down completely randomly.
Pair Corralation between Inhibrx and TruBridge
Given the investment horizon of 90 days Inhibrx is expected to under-perform the TruBridge. In addition to that, Inhibrx is 1.39 times more volatile than TruBridge. It trades about -0.01 of its total potential returns per unit of risk. TruBridge is currently generating about 0.08 per unit of volatility. If you would invest 1,028 in TruBridge on September 2, 2024 and sell it today you would earn a total of 767.00 from holding TruBridge or generate 74.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Inhibrx vs. TruBridge
Performance |
| Timeline |
| Inhibrx |
| TruBridge |
Inhibrx and TruBridge Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inhibrx and TruBridge
The main advantage of trading using opposite Inhibrx and TruBridge positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inhibrx position performs unexpectedly, TruBridge 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 TruBridge will offset losses from the drop in TruBridge's long position.| Inhibrx vs. Crinetics Pharmaceuticals | Inhibrx vs. Merus BV | Inhibrx vs. Lyell Immunopharma | Inhibrx vs. Kronos Bio |
| TruBridge vs. Inhibrx | TruBridge vs. Spyre Therapeutics | TruBridge vs. Tscan Therapeutics | TruBridge vs. Assurant |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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