Correlation Between Agilent Technologies and Cybin
Can any of the company-specific risk be diversified away by investing in both Agilent Technologies and Cybin 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 Cybin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Agilent Technologies and Cybin Inc, you can compare the effects of market volatilities on Agilent Technologies and Cybin 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 Cybin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agilent Technologies and Cybin.
Diversification Opportunities for Agilent Technologies and Cybin
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Agilent and Cybin is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Agilent Technologies and Cybin Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cybin Inc 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 Cybin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cybin Inc has no effect on the direction of Agilent Technologies i.e., Agilent Technologies and Cybin go up and down completely randomly.
Pair Corralation between Agilent Technologies and Cybin
Taking into account the 90-day investment horizon Agilent Technologies is expected to generate 0.4 times more return on investment than Cybin. However, Agilent Technologies is 2.48 times less risky than Cybin. It trades about 0.03 of its potential returns per unit of risk. Cybin Inc is currently generating about -0.04 per unit of risk. If you would invest 12,387 in Agilent Technologies on August 24, 2024 and sell it today you would earn a total of 909.50 from holding Agilent Technologies or generate 7.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agilent Technologies vs. Cybin Inc
Performance |
| Timeline |
| Agilent Technologies |
| Cybin Inc |
Agilent Technologies and Cybin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agilent Technologies and Cybin
The main advantage of trading using opposite Agilent Technologies and Cybin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agilent Technologies position performs unexpectedly, Cybin 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 Cybin will offset losses from the drop in Cybin's long position.| Agilent Technologies vs. Danaher | Agilent Technologies vs. Illumina | Agilent Technologies vs. IDEXX Laboratories | Agilent Technologies vs. Waters |
| Cybin vs. Mind Medicine | Cybin vs. Seelos Therapeutics | Cybin vs. GH Research PLC | Cybin vs. Awakn Life Sciences |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Global Correlations Find global opportunities by holding instruments from different markets |