Correlation Between Compugen and Iteos Therapeutics
Can any of the company-specific risk be diversified away by investing in both Compugen and Iteos Therapeutics 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 Compugen and Iteos Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Compugen and Iteos Therapeutics, you can compare the effects of market volatilities on Compugen and Iteos Therapeutics 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 Compugen with a short position of Iteos Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Compugen and Iteos Therapeutics.
Diversification Opportunities for Compugen and Iteos Therapeutics
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Compugen and Iteos is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Compugen and Iteos Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Iteos Therapeutics and Compugen 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 Compugen are associated (or correlated) with Iteos Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Iteos Therapeutics has no effect on the direction of Compugen i.e., Compugen and Iteos Therapeutics go up and down completely randomly.
Pair Corralation between Compugen and Iteos Therapeutics
Given the investment horizon of 90 days Compugen is expected to generate 3.14 times less return on investment than Iteos Therapeutics. In addition to that, Compugen is 1.23 times more volatile than Iteos Therapeutics. It trades about 0.04 of its total potential returns per unit of risk. Iteos Therapeutics is currently generating about 0.17 per unit of volatility. If you would invest 707.00 in Iteos Therapeutics on April 26, 2025 and sell it today you would earn a total of 308.00 from holding Iteos Therapeutics or generate 43.56% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Compugen vs. Iteos Therapeutics
Performance |
Timeline |
Compugen |
Iteos Therapeutics |
Compugen and Iteos Therapeutics Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Compugen and Iteos Therapeutics
The main advantage of trading using opposite Compugen and Iteos Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Compugen position performs unexpectedly, Iteos Therapeutics 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 Iteos Therapeutics will offset losses from the drop in Iteos Therapeutics' long position.Compugen vs. Evogene | Compugen vs. Arcus Biosciences | Compugen vs. Fate Therapeutics | Compugen vs. Pluri Inc |
Iteos Therapeutics vs. Arcus Biosciences | Iteos Therapeutics vs. Cullinan Oncology LLC | Iteos Therapeutics vs. Annexon | Iteos Therapeutics vs. Structure Therapeutics American |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
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 | |
Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
AI Portfolio Prophet Use AI to generate optimal portfolios and find profitable investment opportunities |