Correlation Between Travelers Companies and ImmunoGen
Can any of the company-specific risk be diversified away by investing in both Travelers Companies and ImmunoGen 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 Travelers Companies and ImmunoGen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between The Travelers Companies and ImmunoGen, you can compare the effects of market volatilities on Travelers Companies and ImmunoGen 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 Travelers Companies with a short position of ImmunoGen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Travelers Companies and ImmunoGen.
Diversification Opportunities for Travelers Companies and ImmunoGen
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Travelers and ImmunoGen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding The Travelers Companies and ImmunoGen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ImmunoGen and Travelers Companies 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 The Travelers Companies are associated (or correlated) with ImmunoGen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ImmunoGen has no effect on the direction of Travelers Companies i.e., Travelers Companies and ImmunoGen go up and down completely randomly.
Pair Corralation between Travelers Companies and ImmunoGen
If you would invest 24,277 in The Travelers Companies on November 9, 2024 and sell it today you would earn a total of 487.00 from holding The Travelers Companies or generate 2.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
The Travelers Companies vs. ImmunoGen
Performance |
| Timeline |
| The Travelers Companies |
| ImmunoGen |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Travelers Companies and ImmunoGen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Travelers Companies and ImmunoGen
The main advantage of trading using opposite Travelers Companies and ImmunoGen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Travelers Companies position performs unexpectedly, ImmunoGen 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 ImmunoGen will offset losses from the drop in ImmunoGen's long position.| Travelers Companies vs. Great Western Minerals | Travelers Companies vs. Enterprise Bancorp | Travelers Companies vs. T Rowe Price | Travelers Companies vs. Aviat Networks |
| ImmunoGen vs. Madrigal Pharmaceuticals | ImmunoGen vs. TG Therapeutics | ImmunoGen vs. Terns Pharmaceuticals | ImmunoGen vs. Hepion Pharmaceuticals |
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.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |