Correlation Between Immatics and Enliven Therapeutics
Can any of the company-specific risk be diversified away by investing in both Immatics and Enliven 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 Immatics and Enliven Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Immatics NV and Enliven Therapeutics, you can compare the effects of market volatilities on Immatics and Enliven 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 Immatics with a short position of Enliven Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Immatics and Enliven Therapeutics.
Diversification Opportunities for Immatics and Enliven Therapeutics
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Immatics and Enliven is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Immatics NV and Enliven Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Enliven Therapeutics and Immatics 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 Immatics NV are associated (or correlated) with Enliven Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Enliven Therapeutics has no effect on the direction of Immatics i.e., Immatics and Enliven Therapeutics go up and down completely randomly.
Pair Corralation between Immatics and Enliven Therapeutics
Given the investment horizon of 90 days Immatics NV is expected to generate 1.16 times more return on investment than Enliven Therapeutics. However, Immatics is 1.16 times more volatile than Enliven Therapeutics. It trades about 0.06 of its potential returns per unit of risk. Enliven Therapeutics is currently generating about -0.08 per unit of risk. If you would invest 939.00 in Immatics NV on October 6, 2025 and sell it today you would earn a total of 106.00 from holding Immatics NV or generate 11.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Immatics NV vs. Enliven Therapeutics
Performance |
| Timeline |
| Immatics NV |
| Enliven Therapeutics |
Immatics and Enliven Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Immatics and Enliven Therapeutics
The main advantage of trading using opposite Immatics and Enliven Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Immatics position performs unexpectedly, Enliven 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 Enliven Therapeutics will offset losses from the drop in Enliven Therapeutics' long position.| Immatics vs. Inhibrx Biosciences | Immatics vs. Enliven Therapeutics | Immatics vs. Nektar Therapeutics | Immatics vs. Terns Pharmaceuticals |
| Enliven Therapeutics vs. Nektar Therapeutics | Enliven Therapeutics vs. Dianthus Therapeutics | Enliven Therapeutics vs. ATAI Life Sciences | Enliven Therapeutics vs. Syndax Pharmaceuticals |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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