Correlation Between Prenetics Global and MacroGenics

Can any of the company-specific risk be diversified away by investing in both Prenetics Global 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 Prenetics Global and MacroGenics into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Prenetics Global and MacroGenics, you can compare the effects of market volatilities on Prenetics Global 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 Prenetics Global with a short position of MacroGenics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Prenetics Global and MacroGenics.

Diversification Opportunities for Prenetics Global and MacroGenics

0.06

Correlation Coefficient

Prenetics Global  MacroGenics

Significant diversification

The 3 months correlation between Prenetics and MacroGenics is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Prenetics Global and MacroGenics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MacroGenics and Prenetics Global 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 Prenetics Global 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 Prenetics Global i.e., Prenetics Global and MacroGenics go up and down completely randomly.

Pair Corralation between Prenetics Global and MacroGenics

Considering the 90-day investment horizon Prenetics Global is expected to generate 1.37 times more return on investment than MacroGenics. However, Prenetics Global is 1.37 times more volatile than MacroGenics. It trades about 0.13 of its potential returns per unit of risk. MacroGenics is currently generating about -0.06 per unit of risk. If you would invest  939.00  in Prenetics Global on September 7, 2025 and sell it today you would earn a total of  454.00  from holding Prenetics Global or generate 48.35% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

Prenetics Global  vs.  MacroGenics

Prenetics Global

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in Prenetics Global are ranked lower than 10 (%) of all global equities and portfolios over the last 90 days. In spite of rather weak basic indicators, Prenetics Global exhibited solid returns over the last few months and may actually be approaching a breakup point.

MacroGenics

Risk-Adjusted Performance

Weakest

Over the last 90 days MacroGenics has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unsteady performance in the last few months, the Stock's basic indicators remain fairly strong which may send shares a bit higher in January 2026. The current disturbance may also be a sign of long term up-swing for the company investors.

Pair Trading with Prenetics Global and MacroGenics

The main advantage of trading using opposite Prenetics Global and MacroGenics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Prenetics Global 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.

The idea behind Prenetics Global and MacroGenics pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.