Correlation Between LumiraDx and OncoCyte Corp
Can any of the company-specific risk be diversified away by investing in both LumiraDx and OncoCyte Corp 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 LumiraDx and OncoCyte Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between LumiraDx and OncoCyte Corp, you can compare the effects of market volatilities on LumiraDx and OncoCyte Corp 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 LumiraDx with a short position of OncoCyte Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of LumiraDx and OncoCyte Corp.
Diversification Opportunities for LumiraDx and OncoCyte Corp
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between LumiraDx and OncoCyte is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding LumiraDx and OncoCyte Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OncoCyte Corp and LumiraDx 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 LumiraDx are associated (or correlated) with OncoCyte Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OncoCyte Corp has no effect on the direction of LumiraDx i.e., LumiraDx and OncoCyte Corp go up and down completely randomly.
Pair Corralation between LumiraDx and OncoCyte Corp
If you would invest 42.00 in LumiraDx on August 25, 2024 and sell it today you would earn a total of 0.00 from holding LumiraDx or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 2.22% |
| Values | Daily Returns |
LumiraDx vs. OncoCyte Corp
Performance |
| Timeline |
| LumiraDx |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| OncoCyte Corp |
LumiraDx and OncoCyte Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with LumiraDx and OncoCyte Corp
The main advantage of trading using opposite LumiraDx and OncoCyte Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if LumiraDx position performs unexpectedly, OncoCyte Corp 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 OncoCyte Corp will offset losses from the drop in OncoCyte Corp's long position.| LumiraDx vs. Fonar | LumiraDx vs. Burning Rock Biotech | LumiraDx vs. Sera Prognostics | LumiraDx vs. Exagen Inc |
| OncoCyte Corp vs. Burning Rock Biotech | OncoCyte Corp vs. Neuronetics | OncoCyte Corp vs. DarioHealth Corp | OncoCyte Corp vs. Sera Prognostics |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes |