Correlation Between Cybin and Oxford Nanopore
Can any of the company-specific risk be diversified away by investing in both Cybin 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 Cybin and Oxford Nanopore into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cybin Inc and Oxford Nanopore Technologies, you can compare the effects of market volatilities on Cybin 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 Cybin with a short position of Oxford Nanopore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cybin and Oxford Nanopore.
Diversification Opportunities for Cybin and Oxford Nanopore
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cybin and Oxford is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Cybin Inc 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 Cybin 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 Cybin Inc 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 Cybin i.e., Cybin and Oxford Nanopore go up and down completely randomly.
Pair Corralation between Cybin and Oxford Nanopore
Given the investment horizon of 90 days Cybin Inc is expected to under-perform the Oxford Nanopore. But the stock apears to be less risky and, when comparing its historical volatility, Cybin Inc is 1.18 times less risky than Oxford Nanopore. The stock trades about -0.02 of its potential returns per unit of risk. The Oxford Nanopore Technologies is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 136.00 in Oxford Nanopore Technologies on August 29, 2024 and sell it today you would earn a total of 51.00 from holding Oxford Nanopore Technologies or generate 37.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cybin Inc vs. Oxford Nanopore Technologies
Performance |
| Timeline |
| Cybin Inc |
| Oxford Nanopore Tech |
Cybin and Oxford Nanopore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cybin and Oxford Nanopore
The main advantage of trading using opposite Cybin and Oxford Nanopore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cybin 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.| Cybin vs. Mind Medicine | Cybin vs. Seelos Therapeutics | Cybin vs. GH Research PLC | Cybin vs. Awakn Life Sciences |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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