Correlation Between OncoCyte Corp and Retractable Technologies
Can any of the company-specific risk be diversified away by investing in both OncoCyte Corp and Retractable 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 OncoCyte Corp and Retractable Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OncoCyte Corp and Retractable Technologies, you can compare the effects of market volatilities on OncoCyte Corp and Retractable 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 OncoCyte Corp with a short position of Retractable Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of OncoCyte Corp and Retractable Technologies.
Diversification Opportunities for OncoCyte Corp and Retractable Technologies
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between OncoCyte and Retractable is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding OncoCyte Corp and Retractable Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Retractable Technologies 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 Retractable Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Retractable Technologies has no effect on the direction of OncoCyte Corp i.e., OncoCyte Corp and Retractable Technologies go up and down completely randomly.
Pair Corralation between OncoCyte Corp and Retractable Technologies
Considering the 90-day investment horizon OncoCyte Corp is expected to generate 0.9 times more return on investment than Retractable Technologies. However, OncoCyte Corp is 1.11 times less risky than Retractable Technologies. It trades about -0.23 of its potential returns per unit of risk. Retractable Technologies is currently generating about -0.21 per unit of risk. If you would invest 310.00 in OncoCyte Corp on August 28, 2024 and sell it today you would lose (46.00) from holding OncoCyte Corp or give up 14.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
OncoCyte Corp vs. Retractable Technologies
Performance |
| Timeline |
| OncoCyte Corp |
| Retractable Technologies |
OncoCyte Corp and Retractable Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OncoCyte Corp and Retractable Technologies
The main advantage of trading using opposite OncoCyte Corp and Retractable Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OncoCyte Corp position performs unexpectedly, Retractable 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 Retractable Technologies will offset losses from the drop in Retractable Technologies' long position.| OncoCyte Corp vs. Burning Rock Biotech | OncoCyte Corp vs. Neuronetics | OncoCyte Corp vs. DarioHealth Corp | OncoCyte Corp vs. Sera Prognostics |
| Retractable Technologies vs. Milestone Scientific | Retractable Technologies vs. CarPartsCom | Retractable Technologies vs. OncoCyte Corp | Retractable Technologies vs. Alpha Pro Tech |
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.
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