Correlation Between Varex Imaging and Imunon
Can any of the company-specific risk be diversified away by investing in both Varex Imaging and Imunon 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 Varex Imaging and Imunon into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Varex Imaging Corp and Imunon Inc, you can compare the effects of market volatilities on Varex Imaging and Imunon 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 Varex Imaging with a short position of Imunon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Varex Imaging and Imunon.
Diversification Opportunities for Varex Imaging and Imunon
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Varex and Imunon is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Varex Imaging Corp and Imunon Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Imunon Inc and Varex Imaging 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 Varex Imaging Corp are associated (or correlated) with Imunon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Imunon Inc has no effect on the direction of Varex Imaging i.e., Varex Imaging and Imunon go up and down completely randomly.
Pair Corralation between Varex Imaging and Imunon
Given the investment horizon of 90 days Varex Imaging Corp is expected to under-perform the Imunon. In addition to that, Varex Imaging is 1.2 times more volatile than Imunon Inc. It trades about -0.02 of its total potential returns per unit of risk. Imunon Inc is currently generating about 0.01 per unit of volatility. If you would invest 90.00 in Imunon Inc on December 11, 2024 and sell it today you would lose (1.00) from holding Imunon Inc or give up 1.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Varex Imaging Corp vs. Imunon Inc
Performance |
| Timeline |
| Varex Imaging Corp |
| Imunon Inc |
Varex Imaging and Imunon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Varex Imaging and Imunon
The main advantage of trading using opposite Varex Imaging and Imunon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Varex Imaging position performs unexpectedly, Imunon 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 Imunon will offset losses from the drop in Imunon's long position.| Varex Imaging vs. Sight Sciences | Varex Imaging vs. Apyx Medical | Varex Imaging vs. Si Bone | Varex Imaging vs. Iradimed Co |
| Imunon vs. Exicure | Imunon vs. Cyclacel Pharmaceuticals | Imunon vs. DiaMedica Therapeutics | Imunon vs. Senti Biosciences |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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