Correlation Between Immunic and Mustang Bio
Can any of the company-specific risk be diversified away by investing in both Immunic and Mustang Bio 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 Immunic and Mustang Bio into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Immunic and Mustang Bio, you can compare the effects of market volatilities on Immunic and Mustang Bio 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 Immunic with a short position of Mustang Bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Immunic and Mustang Bio.
Diversification Opportunities for Immunic and Mustang Bio
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Immunic and Mustang is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Immunic and Mustang Bio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mustang Bio and Immunic 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 Immunic are associated (or correlated) with Mustang Bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mustang Bio has no effect on the direction of Immunic i.e., Immunic and Mustang Bio go up and down completely randomly.
Pair Corralation between Immunic and Mustang Bio
Given the investment horizon of 90 days Immunic is expected to generate 0.52 times more return on investment than Mustang Bio. However, Immunic is 1.93 times less risky than Mustang Bio. It trades about -0.06 of its potential returns per unit of risk. Mustang Bio is currently generating about -0.15 per unit of risk. If you would invest 139.00 in Immunic on December 29, 2023 and sell it today you would lose (7.00) from holding Immunic or give up 5.04% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Immunic vs. Mustang Bio
Performance |
Timeline |
Immunic |
Mustang Bio |
Immunic and Mustang Bio Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Immunic and Mustang Bio
The main advantage of trading using opposite Immunic and Mustang Bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Immunic position performs unexpectedly, Mustang Bio 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 Mustang Bio will offset losses from the drop in Mustang Bio's long position.Immunic vs. Wineco Productions | Immunic vs. HK Electric Investments | Immunic vs. Millennium Investment Acquisition | Immunic vs. Black Hills |
Mustang Bio vs. NL Industries | Mustang Bio vs. Highway Holdings Limited | Mustang Bio vs. Encore Wire | Mustang Bio vs. Enersys |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
Transaction History View history of all your transactions and understand their impact on performance | |
Share Portfolio Track or share privately all of your investments from the convenience of any device | |
My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
Commodity Channel Use Commodity Channel Index to analyze current equity momentum |