Correlation Between Agenus and NantKwest
Can any of the company-specific risk be diversified away by investing in both Agenus and NantKwest 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 Agenus and NantKwest into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Agenus Inc and NantKwest, you can compare the effects of market volatilities on Agenus and NantKwest 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 Agenus with a short position of NantKwest. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agenus and NantKwest.
Diversification Opportunities for Agenus and NantKwest
Pay attention - limited upside
The 3 months correlation between Agenus and NantKwest is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Agenus Inc and NantKwest in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NantKwest and Agenus 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 Agenus Inc are associated (or correlated) with NantKwest. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NantKwest has no effect on the direction of Agenus i.e., Agenus and NantKwest go up and down completely randomly.
Pair Corralation between Agenus and NantKwest
If you would invest (100.00) in NantKwest on January 26, 2024 and sell it today you would earn a total of 100.00 from holding NantKwest or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Agenus Inc vs. NantKwest
Performance |
Timeline |
Agenus Inc |
NantKwest |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Agenus and NantKwest Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Agenus and NantKwest
The main advantage of trading using opposite Agenus and NantKwest positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agenus position performs unexpectedly, NantKwest 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 NantKwest will offset losses from the drop in NantKwest's long position.Agenus vs. Galera Therapeutics | Agenus vs. Marker Therapeutics | Agenus vs. Edgewise Therapeutics | Agenus vs. Adaptimmune Therapeutics Plc |
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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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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