Correlation Between Inhibrx Biosciences, and Contextlogic
Can any of the company-specific risk be diversified away by investing in both Inhibrx Biosciences, and Contextlogic 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 Inhibrx Biosciences, and Contextlogic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Inhibrx Biosciences, and Contextlogic, you can compare the effects of market volatilities on Inhibrx Biosciences, and Contextlogic 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 Inhibrx Biosciences, with a short position of Contextlogic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inhibrx Biosciences, and Contextlogic.
Diversification Opportunities for Inhibrx Biosciences, and Contextlogic
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Inhibrx and Contextlogic is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Inhibrx Biosciences, and Contextlogic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Contextlogic and Inhibrx Biosciences, 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 Inhibrx Biosciences, are associated (or correlated) with Contextlogic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Contextlogic has no effect on the direction of Inhibrx Biosciences, i.e., Inhibrx Biosciences, and Contextlogic go up and down completely randomly.
Pair Corralation between Inhibrx Biosciences, and Contextlogic
Given the investment horizon of 90 days Inhibrx Biosciences, is expected to generate 0.95 times more return on investment than Contextlogic. However, Inhibrx Biosciences, is 1.05 times less risky than Contextlogic. It trades about 0.36 of its potential returns per unit of risk. Contextlogic is currently generating about 0.15 per unit of risk. If you would invest 1,289 in Inhibrx Biosciences, on June 5, 2025 and sell it today you would earn a total of 1,531 from holding Inhibrx Biosciences, or generate 118.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 19.67% |
| Values | Daily Returns |
Inhibrx Biosciences, vs. Contextlogic
Performance |
| Timeline |
| Inhibrx Biosciences, |
| Contextlogic |
Risk-Adjusted Performance
Good
Weak | Strong |
Inhibrx Biosciences, and Contextlogic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inhibrx Biosciences, and Contextlogic
The main advantage of trading using opposite Inhibrx Biosciences, and Contextlogic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inhibrx Biosciences, position performs unexpectedly, Contextlogic 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 Contextlogic will offset losses from the drop in Contextlogic's long position.| Inhibrx Biosciences, vs. Keros Therapeutics | Inhibrx Biosciences, vs. Janux Therapeutics | Inhibrx Biosciences, vs. Fennec Pharmaceuticals | Inhibrx Biosciences, vs. Edgewise Therapeutics |
| Contextlogic vs. Insteel Industries | Contextlogic vs. Gerdau SA ADR | Contextlogic vs. POSCO Holdings | Contextlogic vs. Belden Inc |
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.
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