Correlation Between Seers Technology and Cytogen
Can any of the company-specific risk be diversified away by investing in both Seers Technology and Cytogen 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 Seers Technology and Cytogen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Seers Technology and Cytogen, you can compare the effects of market volatilities on Seers Technology and Cytogen 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 Seers Technology with a short position of Cytogen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Seers Technology and Cytogen.
Diversification Opportunities for Seers Technology and Cytogen
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Seers and Cytogen is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Seers Technology and Cytogen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cytogen and Seers Technology 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 Seers Technology are associated (or correlated) with Cytogen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cytogen has no effect on the direction of Seers Technology i.e., Seers Technology and Cytogen go up and down completely randomly.
Pair Corralation between Seers Technology and Cytogen
Assuming the 90 days trading horizon Seers Technology is expected to generate 1.93 times more return on investment than Cytogen. However, Seers Technology is 1.93 times more volatile than Cytogen. It trades about 0.23 of its potential returns per unit of risk. Cytogen is currently generating about -0.07 per unit of risk. If you would invest 1,193,000 in Seers Technology on November 7, 2024 and sell it today you would earn a total of 246,000 from holding Seers Technology or generate 20.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 94.74% |
| Values | Daily Returns |
Seers Technology vs. Cytogen
Performance |
| Timeline |
| Seers Technology |
| Cytogen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Seers Technology and Cytogen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Seers Technology and Cytogen
The main advantage of trading using opposite Seers Technology and Cytogen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Seers Technology position performs unexpectedly, Cytogen 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 Cytogen will offset losses from the drop in Cytogen's long position.| Seers Technology vs. Samsung Electronics Co | Seers Technology vs. Samsung Electronics Co | Seers Technology vs. LG Energy Solution | Seers Technology vs. SK Hynix |
| Cytogen vs. MediaZen | Cytogen vs. Wonbang Tech Co | Cytogen vs. ITM Semiconductor Co | Cytogen vs. Mgame Corp |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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