Correlation Between ChitogenX and Imunon
Can any of the company-specific risk be diversified away by investing in both ChitogenX and Imunon 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 ChitogenX and Imunon into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ChitogenX and Imunon Inc, you can compare the effects of market volatilities on ChitogenX and Imunon 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 ChitogenX with a short position of Imunon. Check out your portfolio center. Please also check ongoing floating volatility patterns of ChitogenX and Imunon.
Diversification Opportunities for ChitogenX and Imunon
Excellent diversification
The 3 months correlation between ChitogenX and Imunon is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding ChitogenX and Imunon Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Imunon Inc and ChitogenX 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 ChitogenX are associated (or correlated) with Imunon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Imunon Inc has no effect on the direction of ChitogenX i.e., ChitogenX and Imunon go up and down completely randomly.
Pair Corralation between ChitogenX and Imunon
Assuming the 90 days horizon ChitogenX is expected to generate 12.5 times more return on investment than Imunon. However, ChitogenX is 12.5 times more volatile than Imunon Inc. It trades about 0.12 of its potential returns per unit of risk. Imunon Inc is currently generating about -0.04 per unit of risk. If you would invest 0.11 in ChitogenX on July 24, 2025 and sell it today you would earn a total of 0.40 from holding ChitogenX or generate 363.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.44% |
| Values | Daily Returns |
ChitogenX vs. Imunon Inc
Performance |
| Timeline |
| ChitogenX |
| Imunon Inc |
ChitogenX and Imunon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ChitogenX and Imunon
The main advantage of trading using opposite ChitogenX and Imunon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ChitogenX position performs unexpectedly, Imunon 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 Imunon will offset losses from the drop in Imunon's long position.| ChitogenX vs. Vaccinex | ChitogenX vs. Evofem Biosciences | ChitogenX vs. Ayala Pharmaceuticals | ChitogenX vs. Galera Therapeutics |
| Imunon vs. iBio, Common Stock | Imunon vs. Intensity Therapeutics, Common | Imunon vs. Dogwood Therapeutics, | Imunon vs. Lyra Therapeutics |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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