Correlation Between Oxford Nanopore and Inhibrx
Can any of the company-specific risk be diversified away by investing in both Oxford Nanopore and Inhibrx 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 Inhibrx 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 Inhibrx, you can compare the effects of market volatilities on Oxford Nanopore and Inhibrx 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 Inhibrx. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oxford Nanopore and Inhibrx.
Diversification Opportunities for Oxford Nanopore and Inhibrx
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Oxford and Inhibrx is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Oxford Nanopore Technologies and Inhibrx in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inhibrx 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 Inhibrx. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inhibrx has no effect on the direction of Oxford Nanopore i.e., Oxford Nanopore and Inhibrx go up and down completely randomly.
Pair Corralation between Oxford Nanopore and Inhibrx
Assuming the 90 days horizon Oxford Nanopore Technologies is expected to under-perform the Inhibrx. In addition to that, Oxford Nanopore is 1.52 times more volatile than Inhibrx. It trades about -0.15 of its total potential returns per unit of risk. Inhibrx is currently generating about -0.12 per unit of volatility. If you would invest 1,537 in Inhibrx on August 25, 2024 and sell it today you would lose (129.00) from holding Inhibrx or give up 8.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oxford Nanopore Technologies vs. Inhibrx
Performance |
| Timeline |
| Oxford Nanopore Tech |
| Inhibrx |
Oxford Nanopore and Inhibrx Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oxford Nanopore and Inhibrx
The main advantage of trading using opposite Oxford Nanopore and Inhibrx positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oxford Nanopore position performs unexpectedly, Inhibrx 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 Inhibrx will offset losses from the drop in Inhibrx'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 |
| Inhibrx vs. Eliem Therapeutics | Inhibrx vs. HCW Biologics | Inhibrx vs. RenovoRx | Inhibrx vs. Scpharmaceuticals |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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