Correlation Between Sana Biotechnology and Immix Biopharma
Can any of the company-specific risk be diversified away by investing in both Sana Biotechnology and Immix Biopharma 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 Sana Biotechnology and Immix Biopharma into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sana Biotechnology and Immix Biopharma, you can compare the effects of market volatilities on Sana Biotechnology and Immix Biopharma 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 Sana Biotechnology with a short position of Immix Biopharma. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sana Biotechnology and Immix Biopharma.
Diversification Opportunities for Sana Biotechnology and Immix Biopharma
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sana and Immix is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Sana Biotechnology and Immix Biopharma in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Immix Biopharma and Sana Biotechnology 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 Sana Biotechnology are associated (or correlated) with Immix Biopharma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Immix Biopharma has no effect on the direction of Sana Biotechnology i.e., Sana Biotechnology and Immix Biopharma go up and down completely randomly.
Pair Corralation between Sana Biotechnology and Immix Biopharma
Given the investment horizon of 90 days Sana Biotechnology is expected to under-perform the Immix Biopharma. In addition to that, Sana Biotechnology is 1.05 times more volatile than Immix Biopharma. It trades about -0.38 of its total potential returns per unit of risk. Immix Biopharma is currently generating about 0.01 per unit of volatility. If you would invest 168.00 in Immix Biopharma on August 29, 2024 and sell it today you would lose (3.00) from holding Immix Biopharma or give up 1.79% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sana Biotechnology vs. Immix Biopharma
Performance |
| Timeline |
| Sana Biotechnology |
| Immix Biopharma |
Sana Biotechnology and Immix Biopharma Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sana Biotechnology and Immix Biopharma
The main advantage of trading using opposite Sana Biotechnology and Immix Biopharma positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sana Biotechnology position performs unexpectedly, Immix Biopharma 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 Immix Biopharma will offset losses from the drop in Immix Biopharma's long position.| Sana Biotechnology vs. Olema Pharmaceuticals | Sana Biotechnology vs. Cullinan Oncology LLC | Sana Biotechnology vs. Zentalis Pharmaceuticals Llc | Sana Biotechnology vs. X4 Pharmaceuticals |
| Immix Biopharma vs. Bright Minds Biosciences | Immix Biopharma vs. HP Inc | Immix Biopharma vs. Intel | Immix Biopharma vs. Chevron Corp |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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