Correlation Between Altagas Cum and Oncolytics Biotech
Can any of the company-specific risk be diversified away by investing in both Altagas Cum and Oncolytics Biotech 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 Altagas Cum and Oncolytics Biotech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Altagas Cum Red and Oncolytics Biotech, you can compare the effects of market volatilities on Altagas Cum and Oncolytics Biotech 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 Altagas Cum with a short position of Oncolytics Biotech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Altagas Cum and Oncolytics Biotech.
Diversification Opportunities for Altagas Cum and Oncolytics Biotech
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Altagas and Oncolytics is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Altagas Cum Red and Oncolytics Biotech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oncolytics Biotech and Altagas Cum 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 Altagas Cum Red are associated (or correlated) with Oncolytics Biotech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oncolytics Biotech has no effect on the direction of Altagas Cum i.e., Altagas Cum and Oncolytics Biotech go up and down completely randomly.
Pair Corralation between Altagas Cum and Oncolytics Biotech
Assuming the 90 days trading horizon Altagas Cum Red is expected to generate 0.24 times more return on investment than Oncolytics Biotech. However, Altagas Cum Red is 4.21 times less risky than Oncolytics Biotech. It trades about 0.2 of its potential returns per unit of risk. Oncolytics Biotech is currently generating about -0.34 per unit of risk. If you would invest 1,855 in Altagas Cum Red on August 25, 2024 and sell it today you would earn a total of 64.00 from holding Altagas Cum Red or generate 3.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Altagas Cum Red vs. Oncolytics Biotech
Performance |
| Timeline |
| Altagas Cum Red |
| Oncolytics Biotech |
Altagas Cum and Oncolytics Biotech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Altagas Cum and Oncolytics Biotech
The main advantage of trading using opposite Altagas Cum and Oncolytics Biotech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Altagas Cum position performs unexpectedly, Oncolytics Biotech 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 Oncolytics Biotech will offset losses from the drop in Oncolytics Biotech's long position.| Altagas Cum vs. AGF Management Limited | Altagas Cum vs. Orbit Garant Drilling | Altagas Cum vs. TGS Esports | Altagas Cum vs. Mako Mining Corp |
| Oncolytics Biotech vs. Aptose Biosciences | Oncolytics Biotech vs. Resverlogix Corp | Oncolytics Biotech vs. iShares Canadian HYBrid | Oncolytics Biotech vs. Altagas Cum Red |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like |