Correlation Between ELYM Old and BiOasis Technologies

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Can any of the company-specific risk be diversified away by investing in both ELYM Old and BiOasis Technologies 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 ELYM Old and BiOasis Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ELYM Old and biOasis Technologies, you can compare the effects of market volatilities on ELYM Old and BiOasis Technologies 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 ELYM Old with a short position of BiOasis Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of ELYM Old and BiOasis Technologies.

Diversification Opportunities for ELYM Old and BiOasis Technologies

-0.14
  Correlation Coefficient

Good diversification

The 3 months correlation between ELYM and BiOasis is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding ELYM Old and biOasis Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on biOasis Technologies and ELYM Old 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 ELYM Old are associated (or correlated) with BiOasis Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of biOasis Technologies has no effect on the direction of ELYM Old i.e., ELYM Old and BiOasis Technologies go up and down completely randomly.

Pair Corralation between ELYM Old and BiOasis Technologies

If you would invest  0.01  in biOasis Technologies on October 8, 2024 and sell it today you would earn a total of  0.01  from holding biOasis Technologies or generate 100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy5.26%
ValuesDaily Returns

ELYM Old  vs.  biOasis Technologies

 Performance 
       Timeline  
ELYM Old 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days ELYM Old has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's basic indicators remain very healthy which may send shares a bit higher in February 2025. The recent disarray may also be a sign of long period up-swing for the firm investors.
biOasis Technologies 

Risk-Adjusted Performance

9 of 100

 
Weak
 
Strong
OK
Compared to the overall equity markets, risk-adjusted returns on investments in biOasis Technologies are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile basic indicators, BiOasis Technologies reported solid returns over the last few months and may actually be approaching a breakup point.

ELYM Old and BiOasis Technologies Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with ELYM Old and BiOasis Technologies

The main advantage of trading using opposite ELYM Old and BiOasis Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ELYM Old position performs unexpectedly, BiOasis Technologies 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 BiOasis Technologies will offset losses from the drop in BiOasis Technologies' long position.
The idea behind ELYM Old and biOasis Technologies pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.

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