Correlation Between SIMON and Inhibrx
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By analyzing existing cross correlation between SIMON PROPERTY GROUP and Inhibrx, you can compare the effects of market volatilities on SIMON 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 SIMON with a short position of Inhibrx. Check out your portfolio center. Please also check ongoing floating volatility patterns of SIMON and Inhibrx.
Diversification Opportunities for SIMON and Inhibrx
Good diversification
The 3 months correlation between SIMON and Inhibrx is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding SIMON PROPERTY GROUP and Inhibrx in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inhibrx and SIMON 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 SIMON PROPERTY GROUP 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 SIMON i.e., SIMON and Inhibrx go up and down completely randomly.
Pair Corralation between SIMON and Inhibrx
Assuming the 90 days trading horizon SIMON PROPERTY GROUP is expected to under-perform the Inhibrx. But the bond apears to be less risky and, when comparing its historical volatility, SIMON PROPERTY GROUP is 1.43 times less risky than Inhibrx. The bond trades about -0.25 of its potential returns per unit of risk. The Inhibrx is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 1,493 in Inhibrx on October 9, 2024 and sell it today you would earn a total of 159.00 from holding Inhibrx or generate 10.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.0% |
| Values | Daily Returns |
SIMON PROPERTY GROUP vs. Inhibrx
Performance |
| Timeline |
| SIMON PROPERTY GROUP |
| Inhibrx |
SIMON and Inhibrx Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SIMON and Inhibrx
The main advantage of trading using opposite SIMON and Inhibrx positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SIMON 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.| SIMON vs. Regeneron Pharmaceuticals | SIMON vs. Ardelyx | SIMON vs. Aperture Health | SIMON vs. Definitive Healthcare Corp |
| Inhibrx vs. Ginkgo Bioworks Holdings | Inhibrx vs. CureVac NV | Inhibrx vs. Iovance Biotherapeutics | Inhibrx vs. Krystal Biotech |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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