Correlation Between Axogen and Ihuman
Can any of the company-specific risk be diversified away by investing in both Axogen and Ihuman 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 Axogen and Ihuman into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Axogen Inc and Ihuman Inc, you can compare the effects of market volatilities on Axogen and Ihuman 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 Axogen with a short position of Ihuman. Check out your portfolio center. Please also check ongoing floating volatility patterns of Axogen and Ihuman.
Diversification Opportunities for Axogen and Ihuman
Very good diversification
The 3 months correlation between Axogen and Ihuman is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Axogen Inc and Ihuman Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ihuman Inc and Axogen 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 Axogen Inc are associated (or correlated) with Ihuman. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ihuman Inc has no effect on the direction of Axogen i.e., Axogen and Ihuman go up and down completely randomly.
Pair Corralation between Axogen and Ihuman
Given the investment horizon of 90 days Axogen Inc is expected to under-perform the Ihuman. But the stock apears to be less risky and, when comparing its historical volatility, Axogen Inc is 1.07 times less risky than Ihuman. The stock trades about -0.06 of its potential returns per unit of risk. The Ihuman Inc is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 217.00 in Ihuman Inc on April 25, 2025 and sell it today you would earn a total of 85.00 from holding Ihuman Inc or generate 39.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Axogen Inc vs. Ihuman Inc
Performance |
| Timeline |
| Axogen Inc |
| Ihuman Inc |
Axogen and Ihuman Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Axogen and Ihuman
The main advantage of trading using opposite Axogen and Ihuman positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Axogen position performs unexpectedly, Ihuman 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 Ihuman will offset losses from the drop in Ihuman's long position.| Axogen vs. AnaptysBio | Axogen vs. Anika Therapeutics | Axogen vs. Artivion | Axogen vs. Assembly Biosciences |
| Ihuman vs. Boqii Holding Limited | Ihuman vs. Youdao Inc | Ihuman vs. Huize Holding | Ihuman vs. Kuke Music Holding |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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