Correlation Between Oncimmune Holdings and Surgical Science
Can any of the company-specific risk be diversified away by investing in both Oncimmune Holdings and Surgical Science 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 Oncimmune Holdings and Surgical Science into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oncimmune Holdings plc and Surgical Science Sweden, you can compare the effects of market volatilities on Oncimmune Holdings and Surgical Science 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 Oncimmune Holdings with a short position of Surgical Science. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oncimmune Holdings and Surgical Science.
Diversification Opportunities for Oncimmune Holdings and Surgical Science
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Oncimmune and Surgical is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Oncimmune Holdings plc and Surgical Science Sweden in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Surgical Science Sweden and Oncimmune Holdings 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 Oncimmune Holdings plc are associated (or correlated) with Surgical Science. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Surgical Science Sweden has no effect on the direction of Oncimmune Holdings i.e., Oncimmune Holdings and Surgical Science go up and down completely randomly.
Pair Corralation between Oncimmune Holdings and Surgical Science
Assuming the 90 days trading horizon Oncimmune Holdings plc is expected to under-perform the Surgical Science. In addition to that, Oncimmune Holdings is 1.63 times more volatile than Surgical Science Sweden. It trades about -0.01 of its total potential returns per unit of risk. Surgical Science Sweden is currently generating about 0.01 per unit of volatility. If you would invest 16,017 in Surgical Science Sweden on August 26, 2024 and sell it today you would lose (1,527) from holding Surgical Science Sweden or give up 9.53% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.62% |
| Values | Daily Returns |
Oncimmune Holdings plc vs. Surgical Science Sweden
Performance |
| Timeline |
| Oncimmune Holdings plc |
| Surgical Science Sweden |
Oncimmune Holdings and Surgical Science Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oncimmune Holdings and Surgical Science
The main advantage of trading using opposite Oncimmune Holdings and Surgical Science positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oncimmune Holdings position performs unexpectedly, Surgical Science 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 Surgical Science will offset losses from the drop in Surgical Science's long position.| Oncimmune Holdings vs. Evolution Gaming Group | Oncimmune Holdings vs. Anglesey Mining | Oncimmune Holdings vs. Hochschild Mining plc | Oncimmune Holdings vs. Vitec Software Group |
| Surgical Science vs. Samsung Electronics Co | Surgical Science vs. Samsung Electronics Co | Surgical Science vs. Hyundai Motor | Surgical Science vs. Toyota Motor Corp |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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