Correlation Between Oncimmune Holdings and Catalyst Media
Can any of the company-specific risk be diversified away by investing in both Oncimmune Holdings and Catalyst Media 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 Catalyst Media 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 Catalyst Media Group, you can compare the effects of market volatilities on Oncimmune Holdings and Catalyst Media 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 Catalyst Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oncimmune Holdings and Catalyst Media.
Diversification Opportunities for Oncimmune Holdings and Catalyst Media
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Oncimmune and Catalyst is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Oncimmune Holdings plc and Catalyst Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Catalyst Media Group 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 Catalyst Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Catalyst Media Group has no effect on the direction of Oncimmune Holdings i.e., Oncimmune Holdings and Catalyst Media go up and down completely randomly.
Pair Corralation between Oncimmune Holdings and Catalyst Media
Assuming the 90 days trading horizon Oncimmune Holdings plc is expected to under-perform the Catalyst Media. In addition to that, Oncimmune Holdings is 3.01 times more volatile than Catalyst Media Group. It trades about -0.01 of its total potential returns per unit of risk. Catalyst Media Group is currently generating about 0.0 per unit of volatility. If you would invest 9,680 in Catalyst Media Group on August 29, 2024 and sell it today you would lose (680.00) from holding Catalyst Media Group or give up 7.02% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oncimmune Holdings plc vs. Catalyst Media Group
Performance |
| Timeline |
| Oncimmune Holdings plc |
| Catalyst Media Group |
Oncimmune Holdings and Catalyst Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oncimmune Holdings and Catalyst Media
The main advantage of trading using opposite Oncimmune Holdings and Catalyst Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oncimmune Holdings position performs unexpectedly, Catalyst Media 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 Catalyst Media will offset losses from the drop in Catalyst Media's long position.| Oncimmune Holdings vs. JD Sports Fashion | Oncimmune Holdings vs. Polar Capital Technology | Oncimmune Holdings vs. Science in Sport | Oncimmune Holdings vs. Universal Display Corp |
| Catalyst Media vs. Walmart | Catalyst Media vs. BYD Co | Catalyst Media vs. Volkswagen AG | Catalyst Media vs. Volkswagen AG Non Vtg |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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