Correlation Between BioSig Technologies, and Inogen
Can any of the company-specific risk be diversified away by investing in both BioSig Technologies, and Inogen 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 BioSig Technologies, and Inogen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BioSig Technologies, Common and Inogen Inc, you can compare the effects of market volatilities on BioSig Technologies, and Inogen 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 BioSig Technologies, with a short position of Inogen. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioSig Technologies, and Inogen.
Diversification Opportunities for BioSig Technologies, and Inogen
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between BioSig and Inogen is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding BioSig Technologies, Common and Inogen Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inogen Inc and BioSig 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 BioSig Technologies, Common are associated (or correlated) with Inogen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inogen Inc has no effect on the direction of BioSig Technologies, i.e., BioSig Technologies, and Inogen go up and down completely randomly.
Pair Corralation between BioSig Technologies, and Inogen
Given the investment horizon of 90 days BioSig Technologies, Common is expected to generate 2.46 times more return on investment than Inogen. However, BioSig Technologies, is 2.46 times more volatile than Inogen Inc. It trades about 0.04 of its potential returns per unit of risk. Inogen Inc is currently generating about -0.01 per unit of risk. If you would invest 490.00 in BioSig Technologies, Common on August 29, 2024 and sell it today you would lose (290.00) from holding BioSig Technologies, Common or give up 59.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BioSig Technologies, Common vs. Inogen Inc
Performance |
| Timeline |
| BioSig Technologies, |
| Inogen Inc |
BioSig Technologies, and Inogen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioSig Technologies, and Inogen
The main advantage of trading using opposite BioSig Technologies, and Inogen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioSig Technologies, position performs unexpectedly, Inogen 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 Inogen will offset losses from the drop in Inogen's long position.| BioSig Technologies, vs. Neuropace | BioSig Technologies, vs. Inogen Inc | BioSig Technologies, vs. SurModics | BioSig Technologies, vs. Pulmonx 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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