Correlation Between Episurf Medical and Oncopeptides
Can any of the company-specific risk be diversified away by investing in both Episurf Medical and Oncopeptides 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 Episurf Medical and Oncopeptides into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Episurf Medical AB and Oncopeptides AB, you can compare the effects of market volatilities on Episurf Medical and Oncopeptides 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 Episurf Medical with a short position of Oncopeptides. Check out your portfolio center. Please also check ongoing floating volatility patterns of Episurf Medical and Oncopeptides.
Diversification Opportunities for Episurf Medical and Oncopeptides
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Episurf and Oncopeptides is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Episurf Medical AB and Oncopeptides AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oncopeptides AB and Episurf Medical 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 Episurf Medical AB are associated (or correlated) with Oncopeptides. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oncopeptides AB has no effect on the direction of Episurf Medical i.e., Episurf Medical and Oncopeptides go up and down completely randomly.
Pair Corralation between Episurf Medical and Oncopeptides
Assuming the 90 days trading horizon Episurf Medical AB is expected to generate 1.24 times more return on investment than Oncopeptides. However, Episurf Medical is 1.24 times more volatile than Oncopeptides AB. It trades about -0.09 of its potential returns per unit of risk. Oncopeptides AB is currently generating about -0.15 per unit of risk. If you would invest 18.00 in Episurf Medical AB on September 12, 2024 and sell it today you would lose (5.00) from holding Episurf Medical AB or give up 27.78% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Episurf Medical AB vs. Oncopeptides AB
Performance |
| Timeline |
| Episurf Medical AB |
| Oncopeptides AB |
Episurf Medical and Oncopeptides Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Episurf Medical and Oncopeptides
The main advantage of trading using opposite Episurf Medical and Oncopeptides positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Episurf Medical position performs unexpectedly, Oncopeptides 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 Oncopeptides will offset losses from the drop in Oncopeptides' long position.| Episurf Medical vs. Xvivo Perfusion AB | Episurf Medical vs. Bactiguard Holding AB | Episurf Medical vs. SpectraCure AB | Episurf Medical vs. Senzime AB |
| Oncopeptides vs. Hansa Biopharma AB | Oncopeptides vs. BioArctic AB | Oncopeptides vs. Sinch AB | Oncopeptides vs. Cantargia AB |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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