Correlation Between Oncimmune Holdings and Gabelli Value
Can any of the company-specific risk be diversified away by investing in both Oncimmune Holdings and Gabelli Value 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 Gabelli Value 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 Gabelli Value Plus, you can compare the effects of market volatilities on Oncimmune Holdings and Gabelli Value 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 Gabelli Value. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oncimmune Holdings and Gabelli Value.
Diversification Opportunities for Oncimmune Holdings and Gabelli Value
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Oncimmune and Gabelli is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Oncimmune Holdings plc and Gabelli Value Plus in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gabelli Value Plus 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 Gabelli Value. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gabelli Value Plus has no effect on the direction of Oncimmune Holdings i.e., Oncimmune Holdings and Gabelli Value go up and down completely randomly.
Pair Corralation between Oncimmune Holdings and Gabelli Value
Assuming the 90 days trading horizon Oncimmune Holdings plc is expected to under-perform the Gabelli Value. But the stock apears to be less risky and, when comparing its historical volatility, Oncimmune Holdings plc is 1.38 times less risky than Gabelli Value. The stock trades about -0.01 of its potential returns per unit of risk. The Gabelli Value Plus is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 726.00 in Gabelli Value Plus on September 4, 2024 and sell it today you would lose (267.00) from holding Gabelli Value Plus or give up 36.78% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.18% |
| Values | Daily Returns |
Oncimmune Holdings plc vs. Gabelli Value Plus
Performance |
| Timeline |
| Oncimmune Holdings plc |
| Gabelli Value Plus |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
Oncimmune Holdings and Gabelli Value Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oncimmune Holdings and Gabelli Value
The main advantage of trading using opposite Oncimmune Holdings and Gabelli Value positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oncimmune Holdings position performs unexpectedly, Gabelli Value 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 Gabelli Value will offset losses from the drop in Gabelli Value's long position.| Oncimmune Holdings vs. Zanaga Iron Ore | Oncimmune Holdings vs. Catalyst Media Group | Oncimmune Holdings vs. Centaur Media | Oncimmune Holdings vs. Zinc Media Group |
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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 CEOs Directory module to screen CEOs from public companies around the world.
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