Correlation Between OncoCyte Corp and LumiraDx
Can any of the company-specific risk be diversified away by investing in both OncoCyte Corp and LumiraDx 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 OncoCyte Corp and LumiraDx into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OncoCyte Corp and LumiraDx, you can compare the effects of market volatilities on OncoCyte Corp and LumiraDx 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 OncoCyte Corp with a short position of LumiraDx. Check out your portfolio center. Please also check ongoing floating volatility patterns of OncoCyte Corp and LumiraDx.
Diversification Opportunities for OncoCyte Corp and LumiraDx
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between OncoCyte and LumiraDx is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding OncoCyte Corp and LumiraDx in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LumiraDx and OncoCyte Corp 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 OncoCyte Corp are associated (or correlated) with LumiraDx. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LumiraDx has no effect on the direction of OncoCyte Corp i.e., OncoCyte Corp and LumiraDx go up and down completely randomly.
Pair Corralation between OncoCyte Corp and LumiraDx
If you would invest 42.00 in LumiraDx on August 29, 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 | 2.33% |
| Values | Daily Returns |
OncoCyte Corp vs. LumiraDx
Performance |
| Timeline |
| OncoCyte Corp |
| LumiraDx |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
OncoCyte Corp and LumiraDx Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OncoCyte Corp and LumiraDx
The main advantage of trading using opposite OncoCyte Corp and LumiraDx positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OncoCyte Corp position performs unexpectedly, LumiraDx 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 LumiraDx will offset losses from the drop in LumiraDx's long position.| OncoCyte Corp vs. Burning Rock Biotech | OncoCyte Corp vs. Neuronetics | OncoCyte Corp vs. DarioHealth Corp | OncoCyte Corp vs. Sera Prognostics |
| LumiraDx vs. Fonar | LumiraDx vs. Burning Rock Biotech | LumiraDx vs. Sera Prognostics | LumiraDx vs. Exagen Inc |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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