Correlation Between Replimune and Agenus
Can any of the company-specific risk be diversified away by investing in both Replimune and Agenus 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 Replimune and Agenus into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Replimune Group and Agenus Inc, you can compare the effects of market volatilities on Replimune and Agenus 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 Replimune with a short position of Agenus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Replimune and Agenus.
Diversification Opportunities for Replimune and Agenus
Very good diversification
The 3 months correlation between Replimune and Agenus is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Replimune Group and Agenus Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agenus Inc and Replimune 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 Replimune Group are associated (or correlated) with Agenus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agenus Inc has no effect on the direction of Replimune i.e., Replimune and Agenus go up and down completely randomly.
Pair Corralation between Replimune and Agenus
Given the investment horizon of 90 days Replimune Group is expected to generate 0.63 times more return on investment than Agenus. However, Replimune Group is 1.58 times less risky than Agenus. It trades about 0.07 of its potential returns per unit of risk. Agenus Inc is currently generating about -0.03 per unit of risk. If you would invest 760.00 in Replimune Group on September 2, 2024 and sell it today you would earn a total of 648.00 from holding Replimune Group or generate 85.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Replimune Group vs. Agenus Inc
Performance |
| Timeline |
| Replimune Group |
| Agenus Inc |
Replimune and Agenus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Replimune and Agenus
The main advantage of trading using opposite Replimune and Agenus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Replimune position performs unexpectedly, Agenus 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 Agenus will offset losses from the drop in Agenus' long position.| Replimune vs. Nuvalent | Replimune vs. Ventyx Biosciences | Replimune vs. Ascendis Pharma AS | Replimune vs. United Therapeutics |
| Agenus vs. Tff Pharmaceuticals | Agenus vs. Eliem Therapeutics | Agenus vs. Inhibrx | Agenus vs. Enliven 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| 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 | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |