Correlation Between Replimune and Exelixis
Can any of the company-specific risk be diversified away by investing in both Replimune and Exelixis 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 Exelixis into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Replimune Group and Exelixis, you can compare the effects of market volatilities on Replimune and Exelixis 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 Exelixis. Check out your portfolio center. Please also check ongoing floating volatility patterns of Replimune and Exelixis.
Diversification Opportunities for Replimune and Exelixis
Very good diversification
The 3 months correlation between Replimune and Exelixis is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Replimune Group and Exelixis in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Exelixis 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 Exelixis. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exelixis has no effect on the direction of Replimune i.e., Replimune and Exelixis go up and down completely randomly.
Pair Corralation between Replimune and Exelixis
Given the investment horizon of 90 days Replimune is expected to generate 8.06 times less return on investment than Exelixis. In addition to that, Replimune is 2.58 times more volatile than Exelixis. It trades about 0.0 of its total potential returns per unit of risk. Exelixis is currently generating about 0.08 per unit of volatility. If you would invest 1,745 in Exelixis on November 9, 2024 and sell it today you would earn a total of 1,622 from holding Exelixis or generate 92.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Replimune Group vs. Exelixis
Performance |
| Timeline |
| Replimune Group |
| Exelixis |
Replimune and Exelixis Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Replimune and Exelixis
The main advantage of trading using opposite Replimune and Exelixis positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Replimune position performs unexpectedly, Exelixis 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 Exelixis will offset losses from the drop in Exelixis' long position.| Replimune vs. Nuvalent | Replimune vs. Ventyx Biosciences | Replimune vs. Ascendis Pharma AS | Replimune vs. United Therapeutics |
| Exelixis vs. TG Therapeutics | Exelixis vs. Viking Therapeutics | Exelixis vs. Madrigal Pharmaceuticals | Exelixis vs. BioXcel 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |