Correlation Between Cytokinetics and Osg Corp

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

Diversification Opportunities for Cytokinetics and Osg Corp

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Cytokinetics and OSGCF is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cytokinetics and Osg Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Osg Corp and Cytokinetics 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 Cytokinetics are associated (or correlated) with Osg Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Osg Corp has no effect on the direction of Cytokinetics i.e., Cytokinetics and Osg Corp go up and down completely randomly.

Pair Corralation between Cytokinetics and Osg Corp

Given the investment horizon of 90 days Cytokinetics is expected to generate 1.76 times more return on investment than Osg Corp. However, Cytokinetics is 1.76 times more volatile than Osg Corp. It trades about 0.02 of its potential returns per unit of risk. Osg Corp is currently generating about 0.0 per unit of risk. If you would invest  4,283  in Cytokinetics on September 1, 2022 and sell it today you would lose (33.00)  from holding Cytokinetics or give up 0.77% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy99.13%
ValuesDaily Returns

Cytokinetics  vs.  Osg Corp

 Performance (%) 
       Timeline  
Cytokinetics 
Cytokinetics Performance
0 of 100
Over the last 90 days Cytokinetics has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's basic indicators remain fairly strong which may send shares a bit higher in December 2022. The recent confusion may also be a sign of long-lasting up-swing for the firm traders.

Cytokinetics Price Channel

Osg Corp 
OSGCF Performance
0 of 100
Over the last 90 days Osg Corp has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound fundamental indicators, Osg Corp is not utilizing all of its potentials. The recent stock price tumult, may contribute to shorter-term losses for the shareholders.

OSGCF Price Channel

Cytokinetics and Osg Corp Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Cytokinetics and Osg Corp

The main advantage of trading using opposite Cytokinetics and Osg Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cytokinetics position performs unexpectedly, Osg Corp 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 Osg Corp will offset losses from the drop in Osg Corp's long position.
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The idea behind Cytokinetics and Osg Corp 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.

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