Correlation Between Applied DNA and Imagion Biosystems
Can any of the company-specific risk be diversified away by investing in both Applied DNA and Imagion Biosystems 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 Applied DNA and Imagion Biosystems into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Applied DNA Sciences and Imagion Biosystems Limited, you can compare the effects of market volatilities on Applied DNA and Imagion Biosystems 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 Applied DNA with a short position of Imagion Biosystems. Check out your portfolio center. Please also check ongoing floating volatility patterns of Applied DNA and Imagion Biosystems.
Diversification Opportunities for Applied DNA and Imagion Biosystems
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Applied and Imagion is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Applied DNA Sciences and Imagion Biosystems Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Imagion Biosystems and Applied DNA 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 Applied DNA Sciences are associated (or correlated) with Imagion Biosystems. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Imagion Biosystems has no effect on the direction of Applied DNA i.e., Applied DNA and Imagion Biosystems go up and down completely randomly.
Pair Corralation between Applied DNA and Imagion Biosystems
If you would invest 3.50 in Imagion Biosystems Limited on September 4, 2024 and sell it today you would earn a total of 0.00 from holding Imagion Biosystems Limited or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Applied DNA Sciences vs. Imagion Biosystems Limited
Performance |
| Timeline |
| Applied DNA Sciences |
| Imagion Biosystems |
Applied DNA and Imagion Biosystems Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Applied DNA and Imagion Biosystems
The main advantage of trading using opposite Applied DNA and Imagion Biosystems positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Applied DNA position performs unexpectedly, Imagion Biosystems 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 Imagion Biosystems will offset losses from the drop in Imagion Biosystems' long position.| Applied DNA vs. Biodesix | Applied DNA vs. DarioHealth Corp | Applied DNA vs. Exagen Inc | Applied DNA vs. Burning Rock Biotech |
| Imagion Biosystems vs. Neuronetics | Imagion Biosystems vs. Intelligent Bio Solutions | Imagion Biosystems vs. Biodesix | Imagion Biosystems 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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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