Correlation Between Inovio Pharmaceuticals and ImmunoGen
Can any of the company-specific risk be diversified away by investing in both Inovio Pharmaceuticals and ImmunoGen 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 Inovio Pharmaceuticals and ImmunoGen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Inovio Pharmaceuticals and ImmunoGen, you can compare the effects of market volatilities on Inovio Pharmaceuticals and ImmunoGen 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 Inovio Pharmaceuticals with a short position of ImmunoGen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inovio Pharmaceuticals and ImmunoGen.
Diversification Opportunities for Inovio Pharmaceuticals and ImmunoGen
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Inovio and ImmunoGen is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding Inovio Pharmaceuticals and ImmunoGen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ImmunoGen and Inovio Pharmaceuticals 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 Inovio Pharmaceuticals are associated (or correlated) with ImmunoGen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ImmunoGen has no effect on the direction of Inovio Pharmaceuticals i.e., Inovio Pharmaceuticals and ImmunoGen go up and down completely randomly.
Pair Corralation between Inovio Pharmaceuticals and ImmunoGen
If you would invest 456.00 in Inovio Pharmaceuticals on September 3, 2024 and sell it today you would lose (21.00) from holding Inovio Pharmaceuticals or give up 4.61% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 0.4% |
| Values | Daily Returns |
Inovio Pharmaceuticals vs. ImmunoGen
Performance |
| Timeline |
| Inovio Pharmaceuticals |
| ImmunoGen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Inovio Pharmaceuticals and ImmunoGen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inovio Pharmaceuticals and ImmunoGen
The main advantage of trading using opposite Inovio Pharmaceuticals and ImmunoGen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inovio Pharmaceuticals position performs unexpectedly, ImmunoGen 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 ImmunoGen will offset losses from the drop in ImmunoGen's long position.| Inovio Pharmaceuticals vs. CytomX Therapeutics | Inovio Pharmaceuticals vs. Assembly Biosciences | Inovio Pharmaceuticals vs. Achilles Therapeutics PLC | Inovio Pharmaceuticals vs. Instil Bio |
| ImmunoGen vs. Madrigal Pharmaceuticals | ImmunoGen vs. TG Therapeutics | ImmunoGen vs. Terns Pharmaceuticals | ImmunoGen vs. Hepion Pharmaceuticals |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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