Correlation Between Oncolytics Biotech and ISign Media
Can any of the company-specific risk be diversified away by investing in both Oncolytics Biotech and ISign 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 Oncolytics Biotech and ISign Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oncolytics Biotech and iSign Media Solutions, you can compare the effects of market volatilities on Oncolytics Biotech and ISign 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 Oncolytics Biotech with a short position of ISign Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oncolytics Biotech and ISign Media.
Diversification Opportunities for Oncolytics Biotech and ISign Media
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Oncolytics and ISign is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Oncolytics Biotech and iSign Media Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iSign Media Solutions 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 ISign Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iSign Media Solutions has no effect on the direction of Oncolytics Biotech i.e., Oncolytics Biotech and ISign Media go up and down completely randomly.
Pair Corralation between Oncolytics Biotech and ISign Media
Assuming the 90 days trading horizon Oncolytics Biotech is expected to under-perform the ISign Media. In addition to that, Oncolytics Biotech is 4.72 times more volatile than iSign Media Solutions. It trades about -0.3 of its total potential returns per unit of risk. iSign Media Solutions is currently generating about 0.02 per unit of volatility. If you would invest 1,378 in iSign Media Solutions on November 7, 2024 and sell it today you would earn a total of 1.00 from holding iSign Media Solutions or generate 0.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 38.1% |
| Values | Daily Returns |
Oncolytics Biotech vs. iSign Media Solutions
Performance |
| Timeline |
| Oncolytics Biotech |
| iSign Media Solutions |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Oncolytics Biotech and ISign Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oncolytics Biotech and ISign Media
The main advantage of trading using opposite Oncolytics Biotech and ISign Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oncolytics Biotech position performs unexpectedly, ISign 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 ISign Media will offset losses from the drop in ISign Media's long position.| Oncolytics Biotech vs. Theratechnologies | Oncolytics Biotech vs. Aptose Biosciences | Oncolytics Biotech vs. Resverlogix Corp |
| ISign Media vs. Magna Mining | ISign Media vs. Imperial Metals | ISign Media vs. Ramp Metals | ISign Media vs. T2 Metals 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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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