Correlation Between INmune Bio and Apexigen
Can any of the company-specific risk be diversified away by investing in both INmune Bio and Apexigen 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 INmune Bio and Apexigen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between INmune Bio and Apexigen, you can compare the effects of market volatilities on INmune Bio and Apexigen 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 INmune Bio with a short position of Apexigen. Check out your portfolio center. Please also check ongoing floating volatility patterns of INmune Bio and Apexigen.
Diversification Opportunities for INmune Bio and Apexigen
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between INmune and Apexigen is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding INmune Bio and Apexigen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apexigen and INmune Bio 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 INmune Bio are associated (or correlated) with Apexigen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apexigen has no effect on the direction of INmune Bio i.e., INmune Bio and Apexigen go up and down completely randomly.
Pair Corralation between INmune Bio and Apexigen
If you would invest 530.00 in INmune Bio on November 4, 2024 and sell it today you would earn a total of 392.00 from holding INmune Bio or generate 73.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.0% |
| Values | Daily Returns |
INmune Bio vs. Apexigen
Performance |
| Timeline |
| INmune Bio |
| Apexigen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
INmune Bio and Apexigen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INmune Bio and Apexigen
The main advantage of trading using opposite INmune Bio and Apexigen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INmune Bio position performs unexpectedly, Apexigen 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 Apexigen will offset losses from the drop in Apexigen's long position.| INmune Bio vs. Anebulo Pharmaceuticals | INmune Bio vs. AN2 Therapeutics | INmune Bio vs. Cue Biopharma | INmune Bio vs. Anixa Biosciences |
| Apexigen vs. Leap Therapeutics | Apexigen vs. Zura Bio Limited | Apexigen vs. X4 Pharmaceuticals | Apexigen vs. Phio Pharmaceuticals 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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