Correlation Between Freeport McMoran and Imago Biosciences

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Can any of the company-specific risk be diversified away by investing in both Freeport McMoran and Imago Biosciences 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 Freeport McMoran and Imago Biosciences into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Freeport McMoran Copper Gold and Imago Biosciences, you can compare the effects of market volatilities on Freeport McMoran and Imago Biosciences 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 Freeport McMoran with a short position of Imago Biosciences. Check out your portfolio center. Please also check ongoing floating volatility patterns of Freeport McMoran and Imago Biosciences.

Diversification Opportunities for Freeport McMoran and Imago Biosciences

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Freeport and Imago is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Freeport McMoran Copper Gold and Imago Biosciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Imago Biosciences and Freeport McMoran 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 Freeport McMoran Copper Gold are associated (or correlated) with Imago Biosciences. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Imago Biosciences has no effect on the direction of Freeport McMoran i.e., Freeport McMoran and Imago Biosciences go up and down completely randomly.

Pair Corralation between Freeport McMoran and Imago Biosciences

If you would invest  3,806  in Freeport McMoran Copper Gold on March 6, 2024 and sell it today you would earn a total of  1,398  from holding Freeport McMoran Copper Gold or generate 36.73% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.27%
ValuesDaily Returns

Freeport McMoran Copper Gold  vs.  Imago Biosciences

 Performance 
       Timeline  
Freeport McMoran Copper 

Risk-Adjusted Performance

18 of 100

 
Weak
 
Strong
Solid
Compared to the overall equity markets, risk-adjusted returns on investments in Freeport McMoran Copper Gold are ranked lower than 18 (%) of all global equities and portfolios over the last 90 days. In spite of fairly unfluctuating fundamental indicators, Freeport McMoran showed solid returns over the last few months and may actually be approaching a breakup point.
Imago Biosciences 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Imago Biosciences has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy technical and fundamental indicators, Imago Biosciences is not utilizing all of its potentials. The current stock price disarray, may contribute to short-term losses for the investors.

Freeport McMoran and Imago Biosciences Volatility Contrast

   Predicted Return Density   
       Returns  
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