Correlation Between Oncolytics Biotech and Helix BioPharma
Can any of the company-specific risk be diversified away by investing in both Oncolytics Biotech and Helix BioPharma 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 Oncolytics Biotech and Helix BioPharma into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oncolytics Biotech and Helix BioPharma Corp, you can compare the effects of market volatilities on Oncolytics Biotech and Helix BioPharma 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 Oncolytics Biotech with a short position of Helix BioPharma. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oncolytics Biotech and Helix BioPharma.
Diversification Opportunities for Oncolytics Biotech and Helix BioPharma
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Oncolytics and Helix is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Oncolytics Biotech and Helix BioPharma Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Helix BioPharma Corp and Oncolytics Biotech 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 Oncolytics Biotech are associated (or correlated) with Helix BioPharma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Helix BioPharma Corp has no effect on the direction of Oncolytics Biotech i.e., Oncolytics Biotech and Helix BioPharma go up and down completely randomly.
Pair Corralation between Oncolytics Biotech and Helix BioPharma
Assuming the 90 days trading horizon Oncolytics Biotech is expected to under-perform the Helix BioPharma. But the stock apears to be less risky and, when comparing its historical volatility, Oncolytics Biotech is 1.62 times less risky than Helix BioPharma. The stock trades about -0.02 of its potential returns per unit of risk. The Helix BioPharma Corp is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 115.00 in Helix BioPharma Corp on August 25, 2024 and sell it today you would lose (38.00) from holding Helix BioPharma Corp or give up 33.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oncolytics Biotech vs. Helix BioPharma Corp
Performance |
| Timeline |
| Oncolytics Biotech |
| Helix BioPharma Corp |
Oncolytics Biotech and Helix BioPharma Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oncolytics Biotech and Helix BioPharma
The main advantage of trading using opposite Oncolytics Biotech and Helix BioPharma positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oncolytics Biotech position performs unexpectedly, Helix BioPharma 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 Helix BioPharma will offset losses from the drop in Helix BioPharma's long position.| Oncolytics Biotech vs. Aptose Biosciences | Oncolytics Biotech vs. Resverlogix Corp | Oncolytics Biotech vs. iShares Canadian HYBrid | Oncolytics Biotech vs. Altagas Cum Red |
| Helix BioPharma vs. Microbix Biosystems | Helix BioPharma vs. Oncolytics Biotech | Helix BioPharma vs. Spectral Med | Helix BioPharma vs. Theratechnologies |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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