Correlation Between Oxurion NV and Biocartis Group
Can any of the company-specific risk be diversified away by investing in both Oxurion NV and Biocartis 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 Oxurion NV and Biocartis Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oxurion NV and Biocartis Group NV, you can compare the effects of market volatilities on Oxurion NV and Biocartis 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 Oxurion NV with a short position of Biocartis Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oxurion NV and Biocartis Group.
Diversification Opportunities for Oxurion NV and Biocartis Group
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Oxurion and Biocartis is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Oxurion NV and Biocartis Group NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Biocartis Group NV and Oxurion NV 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 Oxurion NV are associated (or correlated) with Biocartis Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Biocartis Group NV has no effect on the direction of Oxurion NV i.e., Oxurion NV and Biocartis Group go up and down completely randomly.
Pair Corralation between Oxurion NV and Biocartis Group
If you would invest 100.00 in Oxurion NV on August 29, 2024 and sell it today you would lose (70.00) from holding Oxurion NV or give up 70.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oxurion NV vs. Biocartis Group NV
Performance |
| Timeline |
| Oxurion NV |
| Biocartis Group NV |
Oxurion NV and Biocartis Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oxurion NV and Biocartis Group
The main advantage of trading using opposite Oxurion NV and Biocartis Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oxurion NV position performs unexpectedly, Biocartis 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 Biocartis Group will offset losses from the drop in Biocartis Group's long position.| Oxurion NV vs. Biocartis Group NV | Oxurion NV vs. Celyad SA | Oxurion NV vs. Argen X | Oxurion NV vs. Exmar NV |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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