Correlation Between GLG Life and BioAge Labs,
Can any of the company-specific risk be diversified away by investing in both GLG Life and BioAge Labs, 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 GLG Life and BioAge Labs, into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GLG Life Tech and BioAge Labs,, you can compare the effects of market volatilities on GLG Life and BioAge Labs, 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 GLG Life with a short position of BioAge Labs,. Check out your portfolio center. Please also check ongoing floating volatility patterns of GLG Life and BioAge Labs,.
Diversification Opportunities for GLG Life and BioAge Labs,
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GLG and BioAge is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding GLG Life Tech and BioAge Labs, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioAge Labs, and GLG Life 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 GLG Life Tech are associated (or correlated) with BioAge Labs,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BioAge Labs, has no effect on the direction of GLG Life i.e., GLG Life and BioAge Labs, go up and down completely randomly.
Pair Corralation between GLG Life and BioAge Labs,
Assuming the 90 days horizon GLG Life Tech is expected to generate 4.94 times more return on investment than BioAge Labs,. However, GLG Life is 4.94 times more volatile than BioAge Labs,. It trades about 0.08 of its potential returns per unit of risk. BioAge Labs, is currently generating about 0.05 per unit of risk. If you would invest 6.26 in GLG Life Tech on August 29, 2024 and sell it today you would lose (1.44) from holding GLG Life Tech or give up 23.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.56% |
| Values | Daily Returns |
GLG Life Tech vs. BioAge Labs,
Performance |
| Timeline |
| GLG Life Tech |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| BioAge Labs, |
GLG Life and BioAge Labs, Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GLG Life and BioAge Labs,
The main advantage of trading using opposite GLG Life and BioAge Labs, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GLG Life position performs unexpectedly, BioAge Labs, 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 BioAge Labs, will offset losses from the drop in BioAge Labs,'s long position.| GLG Life vs. Golden Agri Resources | GLG Life vs. Edible Garden AG | GLG Life vs. Vital Farms | GLG Life vs. Local Bounti Corp |
| BioAge Labs, vs. Titan Machinery | BioAge Labs, vs. Asure Software | BioAge Labs, vs. Kite Realty Group | BioAge Labs, vs. Cedar Realty Trust |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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