Correlation Between Oncolytics Biotech and High Liner
Can any of the company-specific risk be diversified away by investing in both Oncolytics Biotech and High Liner 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 High Liner into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oncolytics Biotech and High Liner Foods, you can compare the effects of market volatilities on Oncolytics Biotech and High Liner 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 High Liner. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oncolytics Biotech and High Liner.
Diversification Opportunities for Oncolytics Biotech and High Liner
-0.85 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Oncolytics and High is -0.85. Overlapping area represents the amount of risk that can be diversified away by holding Oncolytics Biotech and High Liner Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on High Liner Foods 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 High Liner. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of High Liner Foods has no effect on the direction of Oncolytics Biotech i.e., Oncolytics Biotech and High Liner go up and down completely randomly.
Pair Corralation between Oncolytics Biotech and High Liner
Assuming the 90 days trading horizon Oncolytics Biotech is expected to under-perform the High Liner. In addition to that, Oncolytics Biotech is 2.7 times more volatile than High Liner Foods. It trades about -0.1 of its total potential returns per unit of risk. High Liner Foods is currently generating about -0.1 per unit of volatility. If you would invest 1,570 in High Liner Foods on October 23, 2024 and sell it today you would lose (48.00) from holding High Liner Foods or give up 3.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oncolytics Biotech vs. High Liner Foods
Performance |
| Timeline |
| Oncolytics Biotech |
| High Liner Foods |
Oncolytics Biotech and High Liner Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oncolytics Biotech and High Liner
The main advantage of trading using opposite Oncolytics Biotech and High Liner positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oncolytics Biotech position performs unexpectedly, High Liner 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 High Liner will offset losses from the drop in High Liner's long position.| Oncolytics Biotech vs. BMO Aggregate Bond | Oncolytics Biotech vs. iShares Canadian HYBrid | Oncolytics Biotech vs. Brompton European Dividend | Oncolytics Biotech vs. Solar Alliance Energy |
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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