Correlation Between Bionano Genomics and G Medical
Can any of the company-specific risk be diversified away by investing in both Bionano Genomics and G Medical 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 Bionano Genomics and G Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bionano Genomics and G Medical Innovations, you can compare the effects of market volatilities on Bionano Genomics and G Medical 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 Bionano Genomics with a short position of G Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bionano Genomics and G Medical.
Diversification Opportunities for Bionano Genomics and G Medical
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bionano and GMVD is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bionano Genomics and G Medical Innovations in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on G Medical Innovations and Bionano Genomics 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 Bionano Genomics are associated (or correlated) with G Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of G Medical Innovations has no effect on the direction of Bionano Genomics i.e., Bionano Genomics and G Medical go up and down completely randomly.
Pair Corralation between Bionano Genomics and G Medical
Given the investment horizon of 90 days Bionano Genomics is expected to generate 0.64 times more return on investment than G Medical. However, Bionano Genomics is 1.56 times less risky than G Medical. It trades about -0.13 of its potential returns per unit of risk. G Medical Innovations is currently generating about -0.21 per unit of risk. If you would invest 1,760 in Bionano Genomics on October 21, 2024 and sell it today you would lose (1,741) from holding Bionano Genomics or give up 98.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 24.6% |
| Values | Daily Returns |
Bionano Genomics vs. G Medical Innovations
Performance |
| Timeline |
| Bionano Genomics |
| G Medical Innovations |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Bionano Genomics and G Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bionano Genomics and G Medical
The main advantage of trading using opposite Bionano Genomics and G Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bionano Genomics position performs unexpectedly, G Medical 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 G Medical will offset losses from the drop in G Medical's long position.| Bionano Genomics vs. Intuitive Surgical | Bionano Genomics vs. Innovative Eyewear | Bionano Genomics vs. Stereotaxis | Bionano Genomics vs. Nexgel Inc |
| G Medical vs. Innovative Eyewear | G Medical vs. Sharps Technology | G Medical vs. JIN MEDICAL INTERNATIONAL | G Medical vs. Nexgel Inc |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |