Correlation Between Neximmune and Immix Biopharma

Can any of the company-specific risk be diversified away by investing in both Neximmune and Immix Biopharma 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 Neximmune and Immix Biopharma into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Neximmune and Immix Biopharma, you can compare the effects of market volatilities on Neximmune and Immix Biopharma 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 Neximmune with a short position of Immix Biopharma. Check out your portfolio center. Please also check ongoing floating volatility patterns of Neximmune and Immix Biopharma.

Diversification Opportunities for Neximmune and Immix Biopharma

0.79

Correlation Coefficient

Neximmune  Immix Biopharma

Poor diversification

The 3 months correlation between Neximmune and Immix is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Neximmune and Immix Biopharma in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Immix Biopharma and Neximmune 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 Neximmune are associated (or correlated) with Immix Biopharma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Immix Biopharma has no effect on the direction of Neximmune i.e., Neximmune and Immix Biopharma go up and down completely randomly.

Pair Corralation between Neximmune and Immix Biopharma

Given the investment horizon of 90 days Neximmune is expected to under-perform the Immix Biopharma. In addition to that, Neximmune is 1.92 times more volatile than Immix Biopharma. It trades about -0.01 of its total potential returns per unit of risk. Immix Biopharma is currently generating about -0.01 per unit of volatility. If you would invest  212.00  in Immix Biopharma on July 26, 2024 and sell it today you would lose (49.00) from holding Immix Biopharma or give up 23.11% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Significant
Accuracy	44.35%
Values	Daily Returns

Neximmune  vs.  Immix Biopharma

Neximmune

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Neximmune has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fairly strong basic indicators, Neximmune is not utilizing all of its potentials. The current stock price confusion, may contribute to short-horizon losses for the traders.

Immix Biopharma

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Immix Biopharma has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's primary indicators remain fairly strong which may send shares a bit higher in November 2024. The current disturbance may also be a sign of long term up-swing for the company investors.

Pair Trading with Neximmune and Immix Biopharma

The main advantage of trading using opposite Neximmune and Immix Biopharma positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Neximmune position performs unexpectedly, Immix Biopharma 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 Immix Biopharma will offset losses from the drop in Immix Biopharma's long position.

The idea behind Neximmune and Immix Biopharma pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 CEOs Directory module to screen CEOs from public companies around the world.