Pair Correlation Between Infinity Pharmaceuticals and NantKwest

This module allows you to analyze existing cross correlation between Infinity Pharmaceuticals Inc and NantKwest Inc. You can compare the effects of market volatilities on Infinity Pharmaceuticals 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 Infinity Pharmaceuticals with a short position of NantKwest. See also your portfolio center. Please also check ongoing floating volatility patterns of Infinity Pharmaceuticals and NantKwest.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 Infinity Pharmaceuticals Inc  vs   NantKwest Inc
 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Infinity Pharmaceuticals Inc is expected to under-perform the NantKwest. In addition to that, Infinity Pharmaceuticals is 1.13 times more volatile than NantKwest Inc. It trades about -0.08 of its total potential returns per unit of risk. NantKwest Inc is currently generating about 0.24 per unit of volatility. If you would invest  401  in NantKwest Inc on November 12, 2017 and sell it today you would earn a total of  92  from holding NantKwest Inc or generate 22.94% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Infinity Pharmaceuticals and NantKwest
-0.48

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Infinity Pharmaceuticals Inc and NantKwest Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NantKwest Inc and Infinity Pharmaceuticals 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 Infinity Pharmaceuticals 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 Inc has no effect on the direction of Infinity Pharmaceuticals i.e. Infinity Pharmaceuticals and NantKwest go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Infinity Pharmaceuticals

  
0 

Risk-Adjusted Performance

Over the last 30 days Infinity Pharmaceuticals Inc has generated negative risk-adjusted returns adding no value to investors with long positions.

NantKwest Inc

  
16 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in NantKwest Inc are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.