Correlation Between Oxford BioDynamics and Oncotelic Therapeutics
Can any of the company-specific risk be diversified away by investing in both Oxford BioDynamics and Oncotelic Therapeutics 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 BioDynamics and Oncotelic Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oxford BioDynamics Plc and Oncotelic Therapeutics, you can compare the effects of market volatilities on Oxford BioDynamics and Oncotelic Therapeutics 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 BioDynamics with a short position of Oncotelic Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oxford BioDynamics and Oncotelic Therapeutics.
Diversification Opportunities for Oxford BioDynamics and Oncotelic Therapeutics
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Oxford and Oncotelic is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Oxford BioDynamics Plc and Oncotelic Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oncotelic Therapeutics and Oxford BioDynamics 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 BioDynamics Plc are associated (or correlated) with Oncotelic Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oncotelic Therapeutics has no effect on the direction of Oxford BioDynamics i.e., Oxford BioDynamics and Oncotelic Therapeutics go up and down completely randomly.
Pair Corralation between Oxford BioDynamics and Oncotelic Therapeutics
If you would invest 2.20 in Oncotelic Therapeutics on September 14, 2024 and sell it today you would earn a total of 0.00 from holding Oncotelic Therapeutics or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 4.76% |
| Values | Daily Returns |
Oxford BioDynamics Plc vs. Oncotelic Therapeutics
Performance |
| Timeline |
| Oxford BioDynamics Plc |
| Oncotelic Therapeutics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Oxford BioDynamics and Oncotelic Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oxford BioDynamics and Oncotelic Therapeutics
The main advantage of trading using opposite Oxford BioDynamics and Oncotelic Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oxford BioDynamics position performs unexpectedly, Oncotelic Therapeutics 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 Oncotelic Therapeutics will offset losses from the drop in Oncotelic Therapeutics' long position.| Oxford BioDynamics vs. Protalix Biotherapeutics | Oxford BioDynamics vs. Seres Therapeutics | Oxford BioDynamics vs. Cidara Therapeutics | Oxford BioDynamics vs. Immunitybio |
| Oncotelic Therapeutics vs. Processa Pharmaceuticals | Oncotelic Therapeutics vs. Advanced Proteome Therapeutics | Oncotelic Therapeutics vs. Cellectis SA | Oncotelic Therapeutics vs. ChitogenX |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |