Correlation Between Whitehawk Therapeutics, and MacroGenics
Can any of the company-specific risk be diversified away by investing in both Whitehawk Therapeutics, and MacroGenics 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 Whitehawk Therapeutics, and MacroGenics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Whitehawk Therapeutics, and MacroGenics, you can compare the effects of market volatilities on Whitehawk Therapeutics, and MacroGenics 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 Whitehawk Therapeutics, with a short position of MacroGenics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Whitehawk Therapeutics, and MacroGenics.
Diversification Opportunities for Whitehawk Therapeutics, and MacroGenics
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Whitehawk and MacroGenics is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Whitehawk Therapeutics, and MacroGenics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MacroGenics and Whitehawk Therapeutics, 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 Whitehawk Therapeutics, are associated (or correlated) with MacroGenics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MacroGenics has no effect on the direction of Whitehawk Therapeutics, i.e., Whitehawk Therapeutics, and MacroGenics go up and down completely randomly.
Pair Corralation between Whitehawk Therapeutics, and MacroGenics
Given the investment horizon of 90 days Whitehawk Therapeutics, is expected to generate 1.16 times more return on investment than MacroGenics. However, Whitehawk Therapeutics, is 1.16 times more volatile than MacroGenics. It trades about 0.08 of its potential returns per unit of risk. MacroGenics is currently generating about -0.02 per unit of risk. If you would invest 177.00 in Whitehawk Therapeutics, on August 28, 2025 and sell it today you would earn a total of 38.00 from holding Whitehawk Therapeutics, or generate 21.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Whitehawk Therapeutics, vs. MacroGenics
Performance |
| Timeline |
| Whitehawk Therapeutics, |
| MacroGenics |
Whitehawk Therapeutics, and MacroGenics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Whitehawk Therapeutics, and MacroGenics
The main advantage of trading using opposite Whitehawk Therapeutics, and MacroGenics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Whitehawk Therapeutics, position performs unexpectedly, MacroGenics 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 MacroGenics will offset losses from the drop in MacroGenics' long position.| Whitehawk Therapeutics, vs. H2O Retailing | Whitehawk Therapeutics, vs. Indutrade AB | Whitehawk Therapeutics, vs. Richardson Electronics | Whitehawk Therapeutics, vs. InRetail Per Corp |
| MacroGenics vs. Shenzhen Investment Holdings | MacroGenics vs. Plaza Retail REIT | MacroGenics vs. Chemtrade Logistics Income | MacroGenics vs. InRetail Per Corp |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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