Correlation Between AGE Old and Oxford Nanopore
Can any of the company-specific risk be diversified away by investing in both AGE Old and Oxford Nanopore 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 AGE Old and Oxford Nanopore into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AGE Old and Oxford Nanopore Technologies, you can compare the effects of market volatilities on AGE Old and Oxford Nanopore 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 AGE Old with a short position of Oxford Nanopore. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGE Old and Oxford Nanopore.
Diversification Opportunities for AGE Old and Oxford Nanopore
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between AGE and Oxford is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding AGE Old and Oxford Nanopore Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oxford Nanopore Tech and AGE Old 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 AGE Old are associated (or correlated) with Oxford Nanopore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oxford Nanopore Tech has no effect on the direction of AGE Old i.e., AGE Old and Oxford Nanopore go up and down completely randomly.
Pair Corralation between AGE Old and Oxford Nanopore
If you would invest 162.00 in Oxford Nanopore Technologies on November 3, 2024 and sell it today you would earn a total of 10.00 from holding Oxford Nanopore Technologies or generate 6.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
AGE Old vs. Oxford Nanopore Technologies
Performance |
| Timeline |
| AGE Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Oxford Nanopore Tech |
AGE Old and Oxford Nanopore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AGE Old and Oxford Nanopore
The main advantage of trading using opposite AGE Old and Oxford Nanopore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGE Old position performs unexpectedly, Oxford Nanopore 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 Oxford Nanopore will offset losses from the drop in Oxford Nanopore's long position.| AGE Old vs. MAIA Biotechnology | AGE Old vs. Larimar Therapeutics | AGE Old vs. Lyra Therapeutics | AGE Old vs. Lineage Cell Therapeutics |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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