Correlation Between Surface Oncology and BioLineRx
Can any of the company-specific risk be diversified away by investing in both Surface Oncology and BioLineRx 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 Surface Oncology and BioLineRx into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Surface Oncology and BioLineRx, you can compare the effects of market volatilities on Surface Oncology and BioLineRx 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 Surface Oncology with a short position of BioLineRx. Check out your portfolio center. Please also check ongoing floating volatility patterns of Surface Oncology and BioLineRx.
Diversification Opportunities for Surface Oncology and BioLineRx
-0.79 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Surface and BioLineRx is -0.79. Overlapping area represents the amount of risk that can be diversified away by holding Surface Oncology and BioLineRx in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioLineRx and Surface Oncology 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 Surface Oncology are associated (or correlated) with BioLineRx. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BioLineRx has no effect on the direction of Surface Oncology i.e., Surface Oncology and BioLineRx go up and down completely randomly.
Pair Corralation between Surface Oncology and BioLineRx
If you would invest 96.00 in Surface Oncology on August 29, 2024 and sell it today you would earn a total of 0.00 from holding Surface Oncology or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.35% |
| Values | Daily Returns |
Surface Oncology vs. BioLineRx
Performance |
| Timeline |
| Surface Oncology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| BioLineRx |
Surface Oncology and BioLineRx Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Surface Oncology and BioLineRx
The main advantage of trading using opposite Surface Oncology and BioLineRx positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Surface Oncology position performs unexpectedly, BioLineRx 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 BioLineRx will offset losses from the drop in BioLineRx's long position.| Surface Oncology vs. Syros Pharmaceuticals | Surface Oncology vs. Repare Therapeutics | Surface Oncology vs. Personalis | Surface Oncology vs. Evogene |
| BioLineRx vs. Ardelyx | BioLineRx vs. Lexicon Pharmaceuticals | BioLineRx vs. Seres Therapeutics | BioLineRx vs. Immunitybio |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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