Correlation Between Pyxis Oncology and Compugen

Can any of the company-specific risk be diversified away by investing in both Pyxis Oncology and Compugen 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 Pyxis Oncology and Compugen into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Pyxis Oncology and Compugen, you can compare the effects of market volatilities on Pyxis Oncology and Compugen 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 Pyxis Oncology with a short position of Compugen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pyxis Oncology and Compugen.

Diversification Opportunities for Pyxis Oncology and Compugen

0.66

Correlation Coefficient

Pyxis Oncology  Compugen

Poor diversification

The 3 months correlation between Pyxis and Compugen is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Pyxis Oncology and Compugen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Compugen and Pyxis Oncology 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 Pyxis Oncology are associated (or correlated) with Compugen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Compugen has no effect on the direction of Pyxis Oncology i.e., Pyxis Oncology and Compugen go up and down completely randomly.

Pair Corralation between Pyxis Oncology and Compugen

Given the investment horizon of 90 days Pyxis Oncology is expected to generate 1.5 times more return on investment than Compugen. However, Pyxis Oncology is 1.5 times more volatile than Compugen. It trades about 0.31 of its potential returns per unit of risk. Compugen is currently generating about 0.08 per unit of risk. If you would invest  123.00  in Pyxis Oncology on August 15, 2025 and sell it today you would earn a total of  314.00  from holding Pyxis Oncology or generate 255.28% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Significant
Accuracy	100.0%
Values	Daily Returns

Pyxis Oncology  vs.  Compugen

Pyxis Oncology

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Pyxis Oncology are ranked lower than 24 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively weak basic indicators, Pyxis Oncology unveiled solid returns over the last few months and may actually be approaching a breakup point.

Compugen

Risk-Adjusted Performance

Mild

Compared to the overall equity markets, risk-adjusted returns on investments in Compugen are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. In spite of very weak technical and fundamental indicators, Compugen displayed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Pyxis Oncology and Compugen

The main advantage of trading using opposite Pyxis Oncology and Compugen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pyxis Oncology position performs unexpectedly, Compugen 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 Compugen will offset losses from the drop in Compugen's long position.

The idea behind Pyxis Oncology and Compugen 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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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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.