Correlation Between COMCAST and Inhibrx
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By analyzing existing cross correlation between COMCAST PORATION and Inhibrx, you can compare the effects of market volatilities on COMCAST and Inhibrx 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 COMCAST with a short position of Inhibrx. Check out your portfolio center. Please also check ongoing floating volatility patterns of COMCAST and Inhibrx.
Diversification Opportunities for COMCAST and Inhibrx
Modest diversification
The 3 months correlation between COMCAST and Inhibrx is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding COMCAST PORATION and Inhibrx in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inhibrx and COMCAST 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 COMCAST PORATION are associated (or correlated) with Inhibrx. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inhibrx has no effect on the direction of COMCAST i.e., COMCAST and Inhibrx go up and down completely randomly.
Pair Corralation between COMCAST and Inhibrx
Assuming the 90 days trading horizon COMCAST PORATION is expected to generate 0.29 times more return on investment than Inhibrx. However, COMCAST PORATION is 3.47 times less risky than Inhibrx. It trades about 0.2 of its potential returns per unit of risk. Inhibrx is currently generating about -0.03 per unit of risk. If you would invest 7,789 in COMCAST PORATION on September 4, 2024 and sell it today you would earn a total of 275.00 from holding COMCAST PORATION or generate 3.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
COMCAST PORATION vs. Inhibrx
Performance |
| Timeline |
| COMCAST PORATION |
| Inhibrx |
COMCAST and Inhibrx Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COMCAST and Inhibrx
The main advantage of trading using opposite COMCAST and Inhibrx positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COMCAST position performs unexpectedly, Inhibrx 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 Inhibrx will offset losses from the drop in Inhibrx's long position.| COMCAST vs. The Travelers Companies | COMCAST vs. GE Aerospace | COMCAST vs. Walmart | COMCAST vs. Pfizer Inc |
| Inhibrx vs. Crinetics Pharmaceuticals | Inhibrx vs. Merus BV | Inhibrx vs. Lyell Immunopharma | Inhibrx vs. Kronos Bio |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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