Correlation Between FOXO Technologies and MaxCyte
Can any of the company-specific risk be diversified away by investing in both FOXO Technologies and MaxCyte 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 FOXO Technologies and MaxCyte into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FOXO Technologies and MaxCyte, you can compare the effects of market volatilities on FOXO Technologies and MaxCyte 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 FOXO Technologies with a short position of MaxCyte. Check out your portfolio center. Please also check ongoing floating volatility patterns of FOXO Technologies and MaxCyte.
Diversification Opportunities for FOXO Technologies and MaxCyte
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between FOXO and MaxCyte is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding FOXO Technologies and MaxCyte in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MaxCyte and FOXO 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 FOXO Technologies are associated (or correlated) with MaxCyte. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MaxCyte has no effect on the direction of FOXO Technologies i.e., FOXO Technologies and MaxCyte go up and down completely randomly.
Pair Corralation between FOXO Technologies and MaxCyte
Given the investment horizon of 90 days FOXO Technologies is expected to generate 27.36 times more return on investment than MaxCyte. However, FOXO Technologies is 27.36 times more volatile than MaxCyte. It trades about 0.22 of its potential returns per unit of risk. MaxCyte is currently generating about 0.0 per unit of risk. If you would invest 14.00 in FOXO Technologies on August 27, 2024 and sell it today you would earn a total of 40.00 from holding FOXO Technologies or generate 285.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
FOXO Technologies vs. MaxCyte
Performance |
| Timeline |
| FOXO Technologies |
| MaxCyte |
FOXO Technologies and MaxCyte Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FOXO Technologies and MaxCyte
The main advantage of trading using opposite FOXO Technologies and MaxCyte positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FOXO Technologies position performs unexpectedly, MaxCyte 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 MaxCyte will offset losses from the drop in MaxCyte's long position.| FOXO Technologies vs. Heartbeam | FOXO Technologies vs. EUDA Health Holdings | FOXO Technologies vs. Nutex Health | FOXO Technologies vs. Healthcare Triangle |
| MaxCyte vs. Sight Sciences | MaxCyte vs. CVRx Inc | MaxCyte vs. Neuropace | MaxCyte vs. Rapid Micro Biosystems |
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.
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