Correlation Between Anixa Biosciences and Onconova Therapeutics
Can any of the company-specific risk be diversified away by investing in both Anixa Biosciences and Onconova Therapeutics 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 Anixa Biosciences and Onconova Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Anixa Biosciences and Onconova Therapeutics, you can compare the effects of market volatilities on Anixa Biosciences and Onconova Therapeutics 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 Anixa Biosciences with a short position of Onconova Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anixa Biosciences and Onconova Therapeutics.
Diversification Opportunities for Anixa Biosciences and Onconova Therapeutics
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Anixa and Onconova is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Anixa Biosciences and Onconova Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Onconova Therapeutics and Anixa Biosciences 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 Anixa Biosciences are associated (or correlated) with Onconova Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Onconova Therapeutics has no effect on the direction of Anixa Biosciences i.e., Anixa Biosciences and Onconova Therapeutics go up and down completely randomly.
Pair Corralation between Anixa Biosciences and Onconova Therapeutics
If you would invest 243.00 in Anixa Biosciences on August 29, 2024 and sell it today you would earn a total of 88.00 from holding Anixa Biosciences or generate 36.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.79% |
| Values | Daily Returns |
Anixa Biosciences vs. Onconova Therapeutics
Performance |
| Timeline |
| Anixa Biosciences |
| Onconova Therapeutics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Anixa Biosciences and Onconova Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anixa Biosciences and Onconova Therapeutics
The main advantage of trading using opposite Anixa Biosciences and Onconova Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anixa Biosciences position performs unexpectedly, Onconova Therapeutics 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 Onconova Therapeutics will offset losses from the drop in Onconova Therapeutics' long position.| Anixa Biosciences vs. Cue Biopharma | Anixa Biosciences vs. INmune Bio | Anixa Biosciences vs. In8bio Inc | Anixa Biosciences vs. PolyPid |
| Onconova Therapeutics vs. Jaguar Animal Health | Onconova Therapeutics vs. Ibio Inc | Onconova Therapeutics vs. GeoVax Labs | Onconova Therapeutics vs. Ocugen Inc |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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