Correlation Between Geron and Oncotelic Therapeutics
Can any of the company-specific risk be diversified away by investing in both Geron and Oncotelic 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 Geron and Oncotelic Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Geron and Oncotelic Therapeutics, you can compare the effects of market volatilities on Geron and Oncotelic 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 Geron with a short position of Oncotelic Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Geron and Oncotelic Therapeutics.
Diversification Opportunities for Geron and Oncotelic Therapeutics
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Geron and Oncotelic is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Geron and Oncotelic Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oncotelic Therapeutics and Geron 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 Geron are associated (or correlated) with Oncotelic Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oncotelic Therapeutics has no effect on the direction of Geron i.e., Geron and Oncotelic Therapeutics go up and down completely randomly.
Pair Corralation between Geron and Oncotelic Therapeutics
If you would invest 387.00 in Geron on September 14, 2024 and sell it today you would earn a total of 5.00 from holding Geron or generate 1.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Geron vs. Oncotelic Therapeutics
Performance |
| Timeline |
| Geron |
| Oncotelic Therapeutics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Geron and Oncotelic Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Geron and Oncotelic Therapeutics
The main advantage of trading using opposite Geron and Oncotelic Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Geron position performs unexpectedly, Oncotelic 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 Oncotelic Therapeutics will offset losses from the drop in Oncotelic Therapeutics' long position.| Geron vs. Viking Therapeutics | Geron vs. TG Therapeutics | Geron vs. X4 Pharmaceuticals | Geron vs. PDS Biotechnology Corp |
| Oncotelic Therapeutics vs. Processa Pharmaceuticals | Oncotelic Therapeutics vs. Advanced Proteome Therapeutics | Oncotelic Therapeutics vs. Cellectis SA | Oncotelic Therapeutics vs. ChitogenX |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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