Correlation Between Inhibrx and SUNOCO
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By analyzing existing cross correlation between Inhibrx and SUNOCO LOGISTICS PARTNERS, you can compare the effects of market volatilities on Inhibrx and SUNOCO 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 SUNOCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inhibrx and SUNOCO.
Diversification Opportunities for Inhibrx and SUNOCO
Modest diversification
The 3 months correlation between Inhibrx and SUNOCO is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Inhibrx and SUNOCO LOGISTICS PARTNERS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SUNOCO LOGISTICS PARTNERS 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 SUNOCO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SUNOCO LOGISTICS PARTNERS has no effect on the direction of Inhibrx i.e., Inhibrx and SUNOCO go up and down completely randomly.
Pair Corralation between Inhibrx and SUNOCO
Given the investment horizon of 90 days Inhibrx is expected to generate 4.08 times more return on investment than SUNOCO. However, Inhibrx is 4.08 times more volatile than SUNOCO LOGISTICS PARTNERS. It trades about -0.01 of its potential returns per unit of risk. SUNOCO LOGISTICS PARTNERS is currently generating about -0.23 per unit of risk. If you would invest 1,555 in Inhibrx on September 3, 2024 and sell it today you would lose (29.00) from holding Inhibrx or give up 1.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 90.0% |
| Values | Daily Returns |
Inhibrx vs. SUNOCO LOGISTICS PARTNERS
Performance |
| Timeline |
| Inhibrx |
| SUNOCO LOGISTICS PARTNERS |
Inhibrx and SUNOCO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inhibrx and SUNOCO
The main advantage of trading using opposite Inhibrx and SUNOCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inhibrx position performs unexpectedly, SUNOCO 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 SUNOCO will offset losses from the drop in SUNOCO's long position.| Inhibrx vs. DiaMedica Therapeutics | Inhibrx vs. Lyra Therapeutics | Inhibrx vs. Centessa Pharmaceuticals PLC |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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