Correlation Between Regeneron Pharmaceuticals and Kineta
Can any of the company-specific risk be diversified away by investing in both Regeneron Pharmaceuticals and Kineta 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 Regeneron Pharmaceuticals and Kineta into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Regeneron Pharmaceuticals and Kineta Inc, you can compare the effects of market volatilities on Regeneron Pharmaceuticals and Kineta 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 Regeneron Pharmaceuticals with a short position of Kineta. Check out your portfolio center. Please also check ongoing floating volatility patterns of Regeneron Pharmaceuticals and Kineta.
Diversification Opportunities for Regeneron Pharmaceuticals and Kineta
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Regeneron and Kineta is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Regeneron Pharmaceuticals and Kineta Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kineta Inc and Regeneron 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 Regeneron Pharmaceuticals are associated (or correlated) with Kineta. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kineta Inc has no effect on the direction of Regeneron Pharmaceuticals i.e., Regeneron Pharmaceuticals and Kineta go up and down completely randomly.
Pair Corralation between Regeneron Pharmaceuticals and Kineta
If you would invest 74,652 in Regeneron Pharmaceuticals on November 9, 2024 and sell it today you would lose (2,445) from holding Regeneron Pharmaceuticals or give up 3.28% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Regeneron Pharmaceuticals vs. Kineta Inc
Performance |
| Timeline |
| Regeneron Pharmaceuticals |
| Kineta Inc |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Regeneron Pharmaceuticals and Kineta Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Regeneron Pharmaceuticals and Kineta
The main advantage of trading using opposite Regeneron Pharmaceuticals and Kineta positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Regeneron Pharmaceuticals position performs unexpectedly, Kineta 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 Kineta will offset losses from the drop in Kineta's long position.| Regeneron Pharmaceuticals vs. Crispr Therapeutics AG | Regeneron Pharmaceuticals vs. Novo Nordisk AS | Regeneron Pharmaceuticals vs. Sarepta Therapeutics | Regeneron Pharmaceuticals vs. Intellia Therapeutics |
| Kineta vs. Rezolute | Kineta vs. XOMA Corporation | Kineta vs. Protagenic Therapeutics | Kineta 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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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