Correlation Between Seagen and Immutep
Can any of the company-specific risk be diversified away by investing in both Seagen and Immutep 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 Seagen and Immutep into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Seagen Inc and Immutep Limited, you can compare the effects of market volatilities on Seagen and Immutep 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 Seagen with a short position of Immutep. Check out your portfolio center. Please also check ongoing floating volatility patterns of Seagen and Immutep.
Diversification Opportunities for Seagen and Immutep
Very weak diversification
The 3 months correlation between Seagen and Immutep is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Seagen Inc and Immutep Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Immutep Limited and Seagen 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 Seagen Inc are associated (or correlated) with Immutep. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Immutep Limited has no effect on the direction of Seagen i.e., Seagen and Immutep go up and down completely randomly.
Pair Corralation between Seagen and Immutep
If you would invest 20.00 in Immutep Limited on October 20, 2024 and sell it today you would earn a total of 0.00 from holding Immutep Limited or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 5.0% |
| Values | Daily Returns |
Seagen Inc vs. Immutep Limited
Performance |
| Timeline |
| Seagen Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Immutep Limited |
Seagen and Immutep Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Seagen and Immutep
The main advantage of trading using opposite Seagen and Immutep positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Seagen position performs unexpectedly, Immutep 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 Immutep will offset losses from the drop in Immutep's long position.| Seagen vs. Biomarin Pharmaceutical | Seagen vs. Alnylam Pharmaceuticals | Seagen vs. Exelixis | Seagen vs. Halozyme Therapeutics |
| Immutep vs. Zura Bio Limited | Immutep vs. Enveric Biosciences | Immutep vs. Immix Biopharma | Immutep vs. Elevation Oncology |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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