Correlation Between MacroGenics and Exicure
Can any of the company-specific risk be diversified away by investing in both MacroGenics and Exicure 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 MacroGenics and Exicure into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MacroGenics and Exicure, you can compare the effects of market volatilities on MacroGenics and Exicure 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 MacroGenics with a short position of Exicure. Check out your portfolio center. Please also check ongoing floating volatility patterns of MacroGenics and Exicure.
Diversification Opportunities for MacroGenics and Exicure
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between MacroGenics and Exicure is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding MacroGenics and Exicure in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Exicure and MacroGenics 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 MacroGenics are associated (or correlated) with Exicure. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exicure has no effect on the direction of MacroGenics i.e., MacroGenics and Exicure go up and down completely randomly.
Pair Corralation between MacroGenics and Exicure
Given the investment horizon of 90 days MacroGenics is expected to generate 0.22 times more return on investment than Exicure. However, MacroGenics is 4.58 times less risky than Exicure. It trades about 0.02 of its potential returns per unit of risk. Exicure is currently generating about -0.21 per unit of risk. If you would invest 348.00 in MacroGenics on October 9, 2024 and sell it today you would earn a total of 1.00 from holding MacroGenics or generate 0.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
MacroGenics vs. Exicure
Performance |
| Timeline |
| MacroGenics |
| Exicure |
MacroGenics and Exicure Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MacroGenics and Exicure
The main advantage of trading using opposite MacroGenics and Exicure positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MacroGenics position performs unexpectedly, Exicure 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 Exicure will offset losses from the drop in Exicure's long position.| MacroGenics vs. Molecular Partners AG | MacroGenics vs. Mineralys Therapeutics, Common | MacroGenics vs. AN2 Therapeutics | MacroGenics vs. Pharvaris BV |
| Exicure vs. Ikena Oncology | Exicure vs. HCW Biologics | Exicure vs. RenovoRx | Exicure vs. Tempest Therapeutics |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk |