Correlation Between Oncologix Tech and CNDB Old
Can any of the company-specific risk be diversified away by investing in both Oncologix Tech and CNDB Old 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 Oncologix Tech and CNDB Old into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oncologix Tech and CNDB Old, you can compare the effects of market volatilities on Oncologix Tech and CNDB Old 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 Oncologix Tech with a short position of CNDB Old. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oncologix Tech and CNDB Old.
Diversification Opportunities for Oncologix Tech and CNDB Old
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Oncologix and CNDB is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Oncologix Tech and CNDB Old in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNDB Old and Oncologix Tech 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 Oncologix Tech are associated (or correlated) with CNDB Old. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CNDB Old has no effect on the direction of Oncologix Tech i.e., Oncologix Tech and CNDB Old go up and down completely randomly.
Pair Corralation between Oncologix Tech and CNDB Old
Given the investment horizon of 90 days Oncologix Tech is expected to generate 175.33 times more return on investment than CNDB Old. However, Oncologix Tech is 175.33 times more volatile than CNDB Old. It trades about 0.03 of its potential returns per unit of risk. CNDB Old is currently generating about 0.11 per unit of risk. If you would invest 0.17 in Oncologix Tech on October 21, 2024 and sell it today you would lose (0.16) from holding Oncologix Tech or give up 94.12% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 24.25% |
| Values | Daily Returns |
Oncologix Tech vs. CNDB Old
Performance |
| Timeline |
| Oncologix Tech |
| CNDB Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Oncologix Tech and CNDB Old Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oncologix Tech and CNDB Old
The main advantage of trading using opposite Oncologix Tech and CNDB Old positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oncologix Tech position performs unexpectedly, CNDB Old 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 CNDB Old will offset losses from the drop in CNDB Old's long position.| Oncologix Tech vs. China Teletech Holding | Oncologix Tech vs. Aqua Power Systems | Oncologix Tech vs. China Health Management | Oncologix Tech vs. Absolute Health and |
| CNDB Old vs. Welsbach Technology Metals | CNDB Old vs. Hudson Acquisition I | CNDB Old vs. Marblegate Acquisition Corp | CNDB Old vs. Oak Woods Acquisition |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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