Correlation Between Oncopeptides and Moment Group

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Can any of the company-specific risk be diversified away by investing in both Oncopeptides and Moment Group 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 Oncopeptides and Moment Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oncopeptides AB and Moment Group AB, you can compare the effects of market volatilities on Oncopeptides and Moment Group 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 Oncopeptides with a short position of Moment Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oncopeptides and Moment Group.

Diversification Opportunities for Oncopeptides and Moment Group

-0.07
  Correlation Coefficient

Good diversification

The 3 months correlation between Oncopeptides and Moment is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Oncopeptides AB and Moment Group AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Moment Group AB and Oncopeptides 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 Oncopeptides AB are associated (or correlated) with Moment Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Moment Group AB has no effect on the direction of Oncopeptides i.e., Oncopeptides and Moment Group go up and down completely randomly.

Pair Corralation between Oncopeptides and Moment Group

Assuming the 90 days trading horizon Oncopeptides AB is expected to generate 0.54 times more return on investment than Moment Group. However, Oncopeptides AB is 1.84 times less risky than Moment Group. It trades about 0.01 of its potential returns per unit of risk. Moment Group AB is currently generating about -0.01 per unit of risk. If you would invest  155.00  in Oncopeptides AB on September 12, 2024 and sell it today you would lose (1.00) from holding Oncopeptides AB or give up 0.65% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Oncopeptides AB  vs.  Moment Group AB

 Performance 
       Timeline  
Oncopeptides AB 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Oncopeptides AB has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of uncertain performance in the last few months, the Stock's basic indicators remain comparatively stable which may send shares a bit higher in January 2025. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.
Moment Group AB 

Risk-Adjusted Performance

6 of 100

 
Weak
 
Strong
Modest
Compared to the overall equity markets, risk-adjusted returns on investments in Moment Group AB are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. Despite somewhat uncertain primary indicators, Moment Group sustained solid returns over the last few months and may actually be approaching a breakup point.

Oncopeptides and Moment Group Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Oncopeptides and Moment Group

The main advantage of trading using opposite Oncopeptides and Moment Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oncopeptides position performs unexpectedly, Moment Group 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 Moment Group will offset losses from the drop in Moment Group's long position.
The idea behind Oncopeptides AB and Moment Group AB pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.

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