Correlation Between Genelux Common and BiOasis Technologies
Can any of the company-specific risk be diversified away by investing in both Genelux Common and BiOasis Technologies 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 Genelux Common and BiOasis Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Genelux Common and biOasis Technologies, you can compare the effects of market volatilities on Genelux Common and BiOasis Technologies 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 Genelux Common with a short position of BiOasis Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genelux Common and BiOasis Technologies.
Diversification Opportunities for Genelux Common and BiOasis Technologies
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Genelux and BiOasis is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Genelux Common and biOasis Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on biOasis Technologies and Genelux Common 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 Genelux Common are associated (or correlated) with BiOasis Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of biOasis Technologies has no effect on the direction of Genelux Common i.e., Genelux Common and BiOasis Technologies go up and down completely randomly.
Pair Corralation between Genelux Common and BiOasis Technologies
If you would invest 254.00 in Genelux Common on November 5, 2024 and sell it today you would earn a total of 139.00 from holding Genelux Common or generate 54.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
Genelux Common vs. biOasis Technologies
Performance |
| Timeline |
| Genelux Common |
| biOasis Technologies |
Genelux Common and BiOasis Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genelux Common and BiOasis Technologies
The main advantage of trading using opposite Genelux Common and BiOasis Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genelux Common position performs unexpectedly, BiOasis Technologies 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 BiOasis Technologies will offset losses from the drop in BiOasis Technologies' long position.| Genelux Common vs. Dyadic International | Genelux Common vs. Cingulate | Genelux Common vs. Monopar Therapeutics | Genelux Common vs. Terns Pharmaceuticals |
| BiOasis Technologies vs. Biotron Limited | BiOasis Technologies vs. Covalon Technologies | BiOasis Technologies vs. Mosaic Immunoengineering | BiOasis Technologies vs. Cellectis SA |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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