Correlation Between Osg Corp and Cytokinetics

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

Diversification Opportunities for Osg Corp and Cytokinetics

0.0
  Correlation Coefficient

Pay attention - limited upside

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

Pair Corralation between Osg Corp and Cytokinetics

Assuming the 90 days horizon Osg Corp is expected to under-perform the Cytokinetics. In addition to that, Osg Corp is 18.61 times more volatile than Cytokinetics. It trades about -0.08 of its total potential returns per unit of risk. Cytokinetics is currently generating about 0.06 per unit of volatility. If you would invest  1,666  in Cytokinetics on August 30, 2022 and sell it today you would earn a total of  2,422  from holding Cytokinetics or generate 145.38% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy99.8%
ValuesDaily Returns

Osg Corp  vs.  Cytokinetics

 Performance (%) 
       Timeline  
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 
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 and Cytokinetics Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Osg Corp and Cytokinetics

The main advantage of trading using opposite Osg Corp and Cytokinetics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Osg Corp position performs unexpectedly, Cytokinetics 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 Cytokinetics will offset losses from the drop in Cytokinetics' long position.
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The idea behind Osg Corp and Cytokinetics 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 Analyst Recommendations module to analyst recommendations and target price estimates broken down by several categories.

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