Correlation Between Inhibrx and Fortescue
Specify exactly 2 symbols:
By analyzing existing cross correlation between Inhibrx and Fortescue Metals Group, you can compare the effects of market volatilities on Inhibrx and Fortescue 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 Fortescue. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inhibrx and Fortescue.
Diversification Opportunities for Inhibrx and Fortescue
Average diversification
The 3 months correlation between Inhibrx and Fortescue is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Inhibrx and Fortescue Metals Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fortescue Metals 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 Fortescue. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fortescue Metals has no effect on the direction of Inhibrx i.e., Inhibrx and Fortescue go up and down completely randomly.
Pair Corralation between Inhibrx and Fortescue
Given the investment horizon of 90 days Inhibrx is expected to under-perform the Fortescue. In addition to that, Inhibrx is 7.33 times more volatile than Fortescue Metals Group. It trades about -0.01 of its total potential returns per unit of risk. Fortescue Metals Group is currently generating about 0.01 per unit of volatility. If you would invest 9,491 in Fortescue Metals Group on September 2, 2024 and sell it today you would earn a total of 111.00 from holding Fortescue Metals Group or generate 1.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 89.92% |
| Values | Daily Returns |
Inhibrx vs. Fortescue Metals Group
Performance |
| Timeline |
| Inhibrx |
| Fortescue Metals |
Inhibrx and Fortescue Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inhibrx and Fortescue
The main advantage of trading using opposite Inhibrx and Fortescue positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inhibrx position performs unexpectedly, Fortescue 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 Fortescue will offset losses from the drop in Fortescue's long position.| Inhibrx vs. Crinetics Pharmaceuticals | Inhibrx vs. Merus BV | Inhibrx vs. Lyell Immunopharma | Inhibrx vs. Kronos Bio |
| Fortescue vs. Unilever PLC ADR | Fortescue vs. Inter Parfums | Fortescue vs. Estee Lauder Companies | Fortescue vs. Elmos Semiconductor SE |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm |