Correlation Between Pulmatrix and Imunon
Can any of the company-specific risk be diversified away by investing in both Pulmatrix 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 Pulmatrix and Imunon into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pulmatrix and Imunon Inc, you can compare the effects of market volatilities on Pulmatrix 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 Pulmatrix with a short position of Imunon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pulmatrix and Imunon.
Diversification Opportunities for Pulmatrix and Imunon
Very good diversification
The 3 months correlation between Pulmatrix and Imunon is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Pulmatrix and Imunon Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Imunon Inc and Pulmatrix 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 Pulmatrix 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 Pulmatrix i.e., Pulmatrix and Imunon go up and down completely randomly.
Pair Corralation between Pulmatrix and Imunon
Given the investment horizon of 90 days Pulmatrix is expected to generate 2.04 times less return on investment than Imunon. But when comparing it to its historical volatility, Pulmatrix is 1.05 times less risky than Imunon. It trades about 0.09 of its potential returns per unit of risk. Imunon Inc is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 79.00 in Imunon Inc on October 23, 2024 and sell it today you would earn a total of 12.00 from holding Imunon Inc or generate 15.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Pulmatrix vs. Imunon Inc
Performance |
| Timeline |
| Pulmatrix |
| Imunon Inc |
Pulmatrix and Imunon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pulmatrix and Imunon
The main advantage of trading using opposite Pulmatrix and Imunon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pulmatrix 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.| Pulmatrix vs. Capricor Therapeutics | Pulmatrix vs. Akari Therapeutics PLC | Pulmatrix vs. Soleno Therapeutics | Pulmatrix vs. Bio Path Holdings |
| Imunon vs. Exicure | Imunon vs. Cyclacel Pharmaceuticals | Imunon vs. DiaMedica Therapeutics | Imunon vs. Senti Biosciences |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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