Correlation Between MacroGenics and Genelux Common
Can any of the company-specific risk be diversified away by investing in both MacroGenics and Genelux Common 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 MacroGenics and Genelux Common into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MacroGenics and Genelux Common, you can compare the effects of market volatilities on MacroGenics and Genelux Common 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 MacroGenics with a short position of Genelux Common. Check out your portfolio center. Please also check ongoing floating volatility patterns of MacroGenics and Genelux Common.
Diversification Opportunities for MacroGenics and Genelux Common
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between MacroGenics and Genelux is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding MacroGenics and Genelux Common in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genelux Common and MacroGenics 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 MacroGenics are associated (or correlated) with Genelux Common. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genelux Common has no effect on the direction of MacroGenics i.e., MacroGenics and Genelux Common go up and down completely randomly.
Pair Corralation between MacroGenics and Genelux Common
Given the investment horizon of 90 days MacroGenics is expected to generate 4.3 times less return on investment than Genelux Common. In addition to that, MacroGenics is 1.08 times more volatile than Genelux Common. It trades about 0.02 of its total potential returns per unit of risk. Genelux Common is currently generating about 0.11 per unit of volatility. If you would invest 267.00 in Genelux Common on June 10, 2025 and sell it today you would earn a total of 89.00 from holding Genelux Common or generate 33.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 98.41% |
| Values | Daily Returns |
MacroGenics vs. Genelux Common
Performance |
| Timeline |
| MacroGenics |
| Genelux Common |
MacroGenics and Genelux Common Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MacroGenics and Genelux Common
The main advantage of trading using opposite MacroGenics and Genelux Common positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MacroGenics position performs unexpectedly, Genelux Common 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 Genelux Common will offset losses from the drop in Genelux Common's long position.| MacroGenics vs. Pmv Pharmaceuticals | MacroGenics vs. Rallybio Corp | MacroGenics vs. Generation Bio Co | MacroGenics vs. Mersana Therapeutics |
| Genelux Common vs. Dyadic International | Genelux Common vs. Cingulate | Genelux Common vs. Monopar Therapeutics | Genelux Common vs. Terns 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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
Other Complementary Tools
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal |