Correlation Between Abeona Therapeutics and Otp Bank

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

Diversification Opportunities for Abeona Therapeutics and Otp Bank

  Correlation Coefficient

Weak diversification

The 3 months correlation between Abeona and OTPBF is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Abeona Therapeutics and Otp Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Otp Bank and Abeona Therapeutics 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 Abeona Therapeutics are associated (or correlated) with Otp Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Otp Bank has no effect on the direction of Abeona Therapeutics i.e., Abeona Therapeutics and Otp Bank go up and down completely randomly.

Pair Corralation between Abeona Therapeutics and Otp Bank

Given the investment horizon of 90 days Abeona Therapeutics is expected to under-perform the Otp Bank. In addition to that, Abeona Therapeutics is 1.13 times more volatile than Otp Bank. It trades about -0.09 of its total potential returns per unit of risk. Otp Bank is currently generating about 0.01 per unit of volatility. If you would invest  3,068  in Otp Bank on June 29, 2022 and sell it today you would lose (818.00)  from holding Otp Bank or give up 26.66% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Weak
ValuesDaily Returns

Abeona Therapeutics  vs.  Otp Bank

 Performance (%) 
Abeona Therapeutics 
Abeona Performance
0 of 100
Over the last 90 days Abeona Therapeutics has generated negative risk-adjusted returns adding no value to investors with long positions. Despite abnormal performance in the last few months, the Stock's technical and fundamental indicators remain quite persistent which may send shares a bit higher in October 2022. The latest mess may also be a sign of long-standing up-swing for the company institutional investors.

Abeona Price Channel

Otp Bank 
OTPBF Performance
4 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Otp Bank are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. In spite of rather sluggish fundamental drivers, Otp Bank exhibited solid returns over the last few months and may actually be approaching a breakup point.

OTPBF Price Channel

Abeona Therapeutics and Otp Bank Volatility Contrast

   Predicted Return Density   

Pair Trading with Abeona Therapeutics and Otp Bank

The main advantage of trading using opposite Abeona Therapeutics and Otp Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Abeona Therapeutics position performs unexpectedly, Otp Bank 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 Otp Bank will offset losses from the drop in Otp Bank's long position.
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The idea behind Abeona Therapeutics and Otp Bank 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.
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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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.

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