Correlation Between Oxford Nanopore and ImmuCell
Can any of the company-specific risk be diversified away by investing in both Oxford Nanopore and ImmuCell 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 ImmuCell 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 ImmuCell, you can compare the effects of market volatilities on Oxford Nanopore and ImmuCell 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 ImmuCell. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oxford Nanopore and ImmuCell.
Diversification Opportunities for Oxford Nanopore and ImmuCell
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Oxford and ImmuCell is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Oxford Nanopore Technologies and ImmuCell in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ImmuCell 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 ImmuCell. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ImmuCell has no effect on the direction of Oxford Nanopore i.e., Oxford Nanopore and ImmuCell go up and down completely randomly.
Pair Corralation between Oxford Nanopore and ImmuCell
Assuming the 90 days horizon Oxford Nanopore Technologies is expected to generate 1.04 times more return on investment than ImmuCell. However, Oxford Nanopore is 1.04 times more volatile than ImmuCell. It trades about 0.09 of its potential returns per unit of risk. ImmuCell is currently generating about 0.07 per unit of risk. If you would invest 162.00 in Oxford Nanopore Technologies on November 3, 2024 and sell it today you would earn a total of 10.00 from holding Oxford Nanopore Technologies or generate 6.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oxford Nanopore Technologies vs. ImmuCell
Performance |
| Timeline |
| Oxford Nanopore Tech |
| ImmuCell |
Oxford Nanopore and ImmuCell Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oxford Nanopore and ImmuCell
The main advantage of trading using opposite Oxford Nanopore and ImmuCell positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oxford Nanopore position performs unexpectedly, ImmuCell 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 ImmuCell will offset losses from the drop in ImmuCell'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 |
| ImmuCell vs. Transgene SA | ImmuCell vs. Alpha Cognition | ImmuCell vs. Fennec Pharmaceuticals | ImmuCell vs. Lipella Pharmaceuticals Common |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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