Correlation Between CeCors and Bionano Genomics
Can any of the company-specific risk be diversified away by investing in both CeCors and Bionano Genomics 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 CeCors and Bionano Genomics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CeCors Inc and Bionano Genomics, you can compare the effects of market volatilities on CeCors and Bionano Genomics 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 CeCors with a short position of Bionano Genomics. Check out your portfolio center. Please also check ongoing floating volatility patterns of CeCors and Bionano Genomics.
Diversification Opportunities for CeCors and Bionano Genomics
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between CeCors and Bionano is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding CeCors Inc and Bionano Genomics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bionano Genomics and CeCors 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 CeCors Inc are associated (or correlated) with Bionano Genomics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bionano Genomics has no effect on the direction of CeCors i.e., CeCors and Bionano Genomics go up and down completely randomly.
Pair Corralation between CeCors and Bionano Genomics
Given the investment horizon of 90 days CeCors Inc is expected to generate 1.95 times more return on investment than Bionano Genomics. However, CeCors is 1.95 times more volatile than Bionano Genomics. It trades about 0.03 of its potential returns per unit of risk. Bionano Genomics is currently generating about -0.15 per unit of risk. If you would invest 7.30 in CeCors Inc on November 2, 2024 and sell it today you would lose (5.38) from holding CeCors Inc or give up 73.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
CeCors Inc vs. Bionano Genomics
Performance |
| Timeline |
| CeCors Inc |
| Bionano Genomics |
CeCors and Bionano Genomics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CeCors and Bionano Genomics
The main advantage of trading using opposite CeCors and Bionano Genomics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CeCors position performs unexpectedly, Bionano Genomics 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 Bionano Genomics will offset losses from the drop in Bionano Genomics' long position.| CeCors vs. BioLife Sciences | CeCors vs. Innerscope Advertising Agency | CeCors vs. GlucoTrack | CeCors vs. Sharps Technology |
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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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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