Correlation Between Abingdon Health and OptiBiotix Health
Can any of the company-specific risk be diversified away by investing in both Abingdon Health and OptiBiotix Health 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 Abingdon Health and OptiBiotix Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Abingdon Health Plc and OptiBiotix Health Plc, you can compare the effects of market volatilities on Abingdon Health and OptiBiotix Health 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 Abingdon Health with a short position of OptiBiotix Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Abingdon Health and OptiBiotix Health.
Diversification Opportunities for Abingdon Health and OptiBiotix Health
-0.79 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Abingdon and OptiBiotix is -0.79. Overlapping area represents the amount of risk that can be diversified away by holding Abingdon Health Plc and OptiBiotix Health Plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OptiBiotix Health Plc and Abingdon Health 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 Abingdon Health Plc are associated (or correlated) with OptiBiotix Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OptiBiotix Health Plc has no effect on the direction of Abingdon Health i.e., Abingdon Health and OptiBiotix Health go up and down completely randomly.
Pair Corralation between Abingdon Health and OptiBiotix Health
Assuming the 90 days trading horizon Abingdon Health Plc is expected to generate 1.32 times more return on investment than OptiBiotix Health. However, Abingdon Health is 1.32 times more volatile than OptiBiotix Health Plc. It trades about 0.09 of its potential returns per unit of risk. OptiBiotix Health Plc is currently generating about -0.2 per unit of risk. If you would invest 575.00 in Abingdon Health Plc on September 4, 2025 and sell it today you would earn a total of 100.00 from holding Abingdon Health Plc or generate 17.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.46% |
| Values | Daily Returns |
Abingdon Health Plc vs. OptiBiotix Health Plc
Performance |
| Timeline |
| Abingdon Health Plc |
| OptiBiotix Health Plc |
Abingdon Health and OptiBiotix Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Abingdon Health and OptiBiotix Health
The main advantage of trading using opposite Abingdon Health and OptiBiotix Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Abingdon Health position performs unexpectedly, OptiBiotix Health 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 OptiBiotix Health will offset losses from the drop in OptiBiotix Health's long position.| Abingdon Health vs. Pan American Silver | Abingdon Health vs. Eastinco Mining Exploration | Abingdon Health vs. AfriTin Mining | Abingdon Health vs. Air Products Chemicals |
| OptiBiotix Health vs. Rosebank Industries PLC | OptiBiotix Health vs. Sydbank | OptiBiotix Health vs. Supermarket Income REIT | OptiBiotix Health vs. OneSavings Bank PLC |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| AI Portfolio Prophet Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios |