Correlation Between Inhibrx and GENERAL
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By analyzing existing cross correlation between Inhibrx and GENERAL MTRS FINL, you can compare the effects of market volatilities on Inhibrx and GENERAL 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 GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inhibrx and GENERAL.
Diversification Opportunities for Inhibrx and GENERAL
Weak diversification
The 3 months correlation between Inhibrx and GENERAL is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Inhibrx and GENERAL MTRS FINL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENERAL MTRS FINL 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 GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENERAL MTRS FINL has no effect on the direction of Inhibrx i.e., Inhibrx and GENERAL go up and down completely randomly.
Pair Corralation between Inhibrx and GENERAL
Given the investment horizon of 90 days Inhibrx is expected to generate 23.15 times more return on investment than GENERAL. However, Inhibrx is 23.15 times more volatile than GENERAL MTRS FINL. It trades about 0.04 of its potential returns per unit of risk. GENERAL MTRS FINL is currently generating about -0.05 per unit of risk. If you would invest 1,244 in Inhibrx on November 3, 2024 and sell it today you would earn a total of 114.00 from holding Inhibrx or generate 9.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Inhibrx vs. GENERAL MTRS FINL
Performance |
| Timeline |
| Inhibrx |
| GENERAL MTRS FINL |
Inhibrx and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inhibrx and GENERAL
The main advantage of trading using opposite Inhibrx and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inhibrx position performs unexpectedly, GENERAL 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 GENERAL will offset losses from the drop in GENERAL's long position.| Inhibrx vs. Crinetics Pharmaceuticals | Inhibrx vs. Merus BV | Inhibrx vs. Lyell Immunopharma | Inhibrx vs. Kronos Bio |
| GENERAL vs. Afya | GENERAL vs. Udemy Inc | GENERAL vs. RLJ Lodging Trust | GENERAL vs. Target Hospitality 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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