Correlation Between MiMedx and Immunocore Holdings
Can any of the company-specific risk be diversified away by investing in both MiMedx and Immunocore Holdings 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 MiMedx and Immunocore Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MiMedx Group and Immunocore Holdings, you can compare the effects of market volatilities on MiMedx and Immunocore Holdings 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 MiMedx with a short position of Immunocore Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of MiMedx and Immunocore Holdings.
Diversification Opportunities for MiMedx and Immunocore Holdings
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between MiMedx and Immunocore is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding MiMedx Group and Immunocore Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Immunocore Holdings and MiMedx 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 MiMedx Group are associated (or correlated) with Immunocore Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Immunocore Holdings has no effect on the direction of MiMedx i.e., MiMedx and Immunocore Holdings go up and down completely randomly.
Pair Corralation between MiMedx and Immunocore Holdings
Given the investment horizon of 90 days MiMedx Group is expected to generate 1.82 times more return on investment than Immunocore Holdings. However, MiMedx is 1.82 times more volatile than Immunocore Holdings. It trades about 0.19 of its potential returns per unit of risk. Immunocore Holdings is currently generating about -0.03 per unit of risk. If you would invest 585.00 in MiMedx Group on October 25, 2024 and sell it today you would earn a total of 314.00 from holding MiMedx Group or generate 53.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
MiMedx Group vs. Immunocore Holdings
Performance |
| Timeline |
| MiMedx Group |
| Immunocore Holdings |
MiMedx and Immunocore Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MiMedx and Immunocore Holdings
The main advantage of trading using opposite MiMedx and Immunocore Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MiMedx position performs unexpectedly, Immunocore Holdings 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 Immunocore Holdings will offset losses from the drop in Immunocore Holdings' long position.| MiMedx vs. Monte Rosa Therapeutics | MiMedx vs. Design Therapeutics | MiMedx vs. Werewolf Therapeutics | MiMedx vs. Ikena Oncology |
| Immunocore Holdings vs. Arcellx | Immunocore Holdings vs. Ventyx Biosciences | Immunocore Holdings vs. Vaxcyte | Immunocore Holdings vs. Nuvalent |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |