Correlation Between OmniAb and Pyxis Oncology
Can any of the company-specific risk be diversified away by investing in both OmniAb and Pyxis Oncology 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 OmniAb and Pyxis Oncology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OmniAb Inc and Pyxis Oncology, you can compare the effects of market volatilities on OmniAb and Pyxis Oncology 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 OmniAb with a short position of Pyxis Oncology. Check out your portfolio center. Please also check ongoing floating volatility patterns of OmniAb and Pyxis Oncology.
Diversification Opportunities for OmniAb and Pyxis Oncology
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between OmniAb and Pyxis is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding OmniAb Inc and Pyxis Oncology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pyxis Oncology and OmniAb 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 OmniAb Inc are associated (or correlated) with Pyxis Oncology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pyxis Oncology has no effect on the direction of OmniAb i.e., OmniAb and Pyxis Oncology go up and down completely randomly.
Pair Corralation between OmniAb and Pyxis Oncology
Given the investment horizon of 90 days OmniAb Inc is expected to under-perform the Pyxis Oncology. But the stock apears to be less risky and, when comparing its historical volatility, OmniAb Inc is 1.79 times less risky than Pyxis Oncology. The stock trades about -0.08 of its potential returns per unit of risk. The Pyxis Oncology is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest 123.00 in Pyxis Oncology on July 28, 2025 and sell it today you would earn a total of 223.00 from holding Pyxis Oncology or generate 181.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
OmniAb Inc vs. Pyxis Oncology
Performance |
| Timeline |
| OmniAb Inc |
| Pyxis Oncology |
OmniAb and Pyxis Oncology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OmniAb and Pyxis Oncology
The main advantage of trading using opposite OmniAb and Pyxis Oncology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OmniAb position performs unexpectedly, Pyxis Oncology 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 Pyxis Oncology will offset losses from the drop in Pyxis Oncology's long position.| OmniAb vs. Sangamo Therapeutics | OmniAb vs. Orchestra BioMed Holdings | OmniAb vs. Invivyd | OmniAb vs. Codexis |
| Pyxis Oncology vs. Invivyd | Pyxis Oncology vs. Cassava Sciences | Pyxis Oncology vs. Sangamo Therapeutics | Pyxis Oncology vs. OmniAb Inc |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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