Correlation Between Xenetic Biosciences and Oncorus
Can any of the company-specific risk be diversified away by investing in both Xenetic Biosciences and Oncorus 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 Xenetic Biosciences and Oncorus into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Xenetic Biosciences and Oncorus, you can compare the effects of market volatilities on Xenetic Biosciences and Oncorus 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 Xenetic Biosciences with a short position of Oncorus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xenetic Biosciences and Oncorus.
Diversification Opportunities for Xenetic Biosciences and Oncorus
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Xenetic and Oncorus is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Xenetic Biosciences and Oncorus in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oncorus and Xenetic Biosciences 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 Xenetic Biosciences are associated (or correlated) with Oncorus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oncorus has no effect on the direction of Xenetic Biosciences i.e., Xenetic Biosciences and Oncorus go up and down completely randomly.
Pair Corralation between Xenetic Biosciences and Oncorus
If you would invest 360.00 in Xenetic Biosciences on August 24, 2024 and sell it today you would earn a total of 41.00 from holding Xenetic Biosciences or generate 11.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.35% |
| Values | Daily Returns |
Xenetic Biosciences vs. Oncorus
Performance |
| Timeline |
| Xenetic Biosciences |
| Oncorus |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Xenetic Biosciences and Oncorus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xenetic Biosciences and Oncorus
The main advantage of trading using opposite Xenetic Biosciences and Oncorus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xenetic Biosciences position performs unexpectedly, Oncorus 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 Oncorus will offset losses from the drop in Oncorus' long position.| Xenetic Biosciences vs. Transcode Therapeutics | Xenetic Biosciences vs. ZyVersa Therapeutics | Xenetic Biosciences vs. Immix Biopharma | Xenetic Biosciences vs. Phio Pharmaceuticals Corp |
| Oncorus vs. Apollomics Class A | Oncorus vs. Pyxis Oncology | Oncorus vs. Zura Bio Limited | Oncorus vs. Altamira Therapeutics |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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