Correlation Between PepGen and Imunon

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Can any of the company-specific risk be diversified away by investing in both PepGen and Imunon 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 PepGen and Imunon into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PepGen and Imunon Inc, you can compare the effects of market volatilities on PepGen and Imunon 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 PepGen with a short position of Imunon. Check out your portfolio center. Please also check ongoing floating volatility patterns of PepGen and Imunon.

Diversification Opportunities for PepGen and Imunon

-0.27
  Correlation Coefficient

Very good diversification

The 3 months correlation between PepGen and Imunon is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding PepGen and Imunon Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Imunon Inc and PepGen 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 PepGen are associated (or correlated) with Imunon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Imunon Inc has no effect on the direction of PepGen i.e., PepGen and Imunon go up and down completely randomly.

Pair Corralation between PepGen and Imunon

Given the investment horizon of 90 days PepGen is expected to generate 5.36 times more return on investment than Imunon. However, PepGen is 5.36 times more volatile than Imunon Inc. It trades about 0.02 of its potential returns per unit of risk. Imunon Inc is currently generating about 0.01 per unit of risk. If you would invest  297.00  in PepGen on December 11, 2024 and sell it today you would lose (88.00) from holding PepGen or give up 29.63% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

PepGen  vs.  Imunon Inc

 Performance 
       Timeline  
PepGen 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days PepGen has generated negative risk-adjusted returns adding no value to investors with long positions. Despite conflicting performance in the last few months, the Stock's basic indicators remain nearly stable which may send shares a bit higher in April 2025. The current disturbance may also be a sign of long-run up-swing for the company stockholders.
Imunon Inc 

Risk-Adjusted Performance

Insignificant

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Imunon Inc are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. In spite of very weak basic indicators, Imunon may actually be approaching a critical reversion point that can send shares even higher in April 2025.

PepGen and Imunon Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with PepGen and Imunon

The main advantage of trading using opposite PepGen and Imunon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PepGen position performs unexpectedly, Imunon 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 Imunon will offset losses from the drop in Imunon's long position.
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The idea behind PepGen and Imunon Inc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..

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