Correlation Between Oxford Nanopore and Cybin
Can any of the company-specific risk be diversified away by investing in both Oxford Nanopore and Cybin 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 Oxford Nanopore and Cybin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oxford Nanopore Technologies and Cybin Inc, you can compare the effects of market volatilities on Oxford Nanopore and Cybin 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 Oxford Nanopore with a short position of Cybin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oxford Nanopore and Cybin.
Diversification Opportunities for Oxford Nanopore and Cybin
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Oxford and Cybin is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Oxford Nanopore Technologies and Cybin Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cybin Inc and Oxford Nanopore 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 Oxford Nanopore Technologies are associated (or correlated) with Cybin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cybin Inc has no effect on the direction of Oxford Nanopore i.e., Oxford Nanopore and Cybin go up and down completely randomly.
Pair Corralation between Oxford Nanopore and Cybin
Assuming the 90 days horizon Oxford Nanopore Technologies is expected to generate 1.09 times more return on investment than Cybin. However, Oxford Nanopore is 1.09 times more volatile than Cybin Inc. It trades about 0.1 of its potential returns per unit of risk. Cybin Inc is currently generating about 0.05 per unit of risk. If you would invest 189.00 in Oxford Nanopore Technologies on September 1, 2024 and sell it today you would earn a total of 19.00 from holding Oxford Nanopore Technologies or generate 10.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oxford Nanopore Technologies vs. Cybin Inc
Performance |
| Timeline |
| Oxford Nanopore Tech |
| Cybin Inc |
Oxford Nanopore and Cybin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oxford Nanopore and Cybin
The main advantage of trading using opposite Oxford Nanopore and Cybin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oxford Nanopore position performs unexpectedly, Cybin 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 Cybin will offset losses from the drop in Cybin's long position.| Oxford Nanopore vs. Lineage Cell Therapeutics | Oxford Nanopore vs. Cadrenal Therapeutics, Common | Oxford Nanopore vs. ImmuCell | Oxford Nanopore vs. Braxia Scientific Corp |
| Cybin vs. Mind Medicine | Cybin vs. Seelos Therapeutics | Cybin vs. GH Research PLC | Cybin vs. Awakn Life Sciences |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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