Correlation Between Agilent Technologies and BioAffinity Technologies,
Can any of the company-specific risk be diversified away by investing in both Agilent Technologies and BioAffinity Technologies, 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 Agilent Technologies and BioAffinity Technologies, into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Agilent Technologies and bioAffinity Technologies,, you can compare the effects of market volatilities on Agilent Technologies and BioAffinity Technologies, 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 Agilent Technologies with a short position of BioAffinity Technologies,. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agilent Technologies and BioAffinity Technologies,.
Diversification Opportunities for Agilent Technologies and BioAffinity Technologies,
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Agilent and BioAffinity is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Agilent Technologies and bioAffinity Technologies, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on bioAffinity Technologies, and Agilent Technologies 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 Agilent Technologies are associated (or correlated) with BioAffinity Technologies,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of bioAffinity Technologies, has no effect on the direction of Agilent Technologies i.e., Agilent Technologies and BioAffinity Technologies, go up and down completely randomly.
Pair Corralation between Agilent Technologies and BioAffinity Technologies,
Taking into account the 90-day investment horizon Agilent Technologies is expected to generate 0.24 times more return on investment than BioAffinity Technologies,. However, Agilent Technologies is 4.19 times less risky than BioAffinity Technologies,. It trades about -0.03 of its potential returns per unit of risk. bioAffinity Technologies, is currently generating about -0.03 per unit of risk. If you would invest 14,828 in Agilent Technologies on December 2, 2024 and sell it today you would lose (2,036) from holding Agilent Technologies or give up 13.73% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agilent Technologies vs. bioAffinity Technologies,
Performance |
| Timeline |
| Agilent Technologies |
| bioAffinity Technologies, |
Agilent Technologies and BioAffinity Technologies, Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agilent Technologies and BioAffinity Technologies,
The main advantage of trading using opposite Agilent Technologies and BioAffinity Technologies, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agilent Technologies position performs unexpectedly, BioAffinity Technologies, 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 BioAffinity Technologies, will offset losses from the drop in BioAffinity Technologies,'s long position.| Agilent Technologies vs. Danaher | ||
| Agilent Technologies vs. Illumina | ||
| Agilent Technologies vs. IDEXX Laboratories | ||
| Agilent Technologies vs. Waters |
| BioAffinity Technologies, vs. Intelligent Bio Solutions | ||
| BioAffinity Technologies, vs. T2 Biosystms | ||
| BioAffinity Technologies, vs. Precipio |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments |