Correlation Between BiOasis Technologies and Statera Biopharma
Can any of the company-specific risk be diversified away by investing in both BiOasis Technologies and Statera Biopharma 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 BiOasis Technologies and Statera Biopharma into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between biOasis Technologies and Statera Biopharma, you can compare the effects of market volatilities on BiOasis Technologies and Statera Biopharma 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 BiOasis Technologies with a short position of Statera Biopharma. Check out your portfolio center. Please also check ongoing floating volatility patterns of BiOasis Technologies and Statera Biopharma.
Diversification Opportunities for BiOasis Technologies and Statera Biopharma
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between BiOasis and Statera is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding biOasis Technologies and Statera Biopharma in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Statera Biopharma and BiOasis Technologies 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 biOasis Technologies are associated (or correlated) with Statera Biopharma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Statera Biopharma has no effect on the direction of BiOasis Technologies i.e., BiOasis Technologies and Statera Biopharma go up and down completely randomly.
Pair Corralation between BiOasis Technologies and Statera Biopharma
Assuming the 90 days horizon biOasis Technologies is expected to generate 1.48 times more return on investment than Statera Biopharma. However, BiOasis Technologies is 1.48 times more volatile than Statera Biopharma. It trades about 0.06 of its potential returns per unit of risk. Statera Biopharma is currently generating about -0.16 per unit of risk. If you would invest 4.50 in biOasis Technologies on August 28, 2024 and sell it today you would lose (4.49) from holding biOasis Technologies or give up 99.78% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.83% |
| Values | Daily Returns |
biOasis Technologies vs. Statera Biopharma
Performance |
| Timeline |
| biOasis Technologies |
| Statera Biopharma |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
BiOasis Technologies and Statera Biopharma Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BiOasis Technologies and Statera Biopharma
The main advantage of trading using opposite BiOasis Technologies and Statera Biopharma positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BiOasis Technologies position performs unexpectedly, Statera Biopharma 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 Statera Biopharma will offset losses from the drop in Statera Biopharma's long position.| BiOasis Technologies vs. Rezolute | BiOasis Technologies vs. Tempest Therapeutics | BiOasis Technologies vs. Forte Biosciences | BiOasis Technologies vs. Dyadic International |
| Statera Biopharma vs. NeuroSense Therapeutics Ltd | Statera Biopharma vs. Eliem Therapeutics | Statera Biopharma vs. Acrivon Therapeutics, Common | Statera Biopharma vs. Alector |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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