Correlation Between Heart Test and OpGen
Can any of the company-specific risk be diversified away by investing in both Heart Test and OpGen 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 Heart Test and OpGen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Heart Test Laboratories and OpGen Inc, you can compare the effects of market volatilities on Heart Test and OpGen 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 Heart Test with a short position of OpGen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Heart Test and OpGen.
Diversification Opportunities for Heart Test and OpGen
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Heart and OpGen is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Heart Test Laboratories and OpGen Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OpGen Inc and Heart Test 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 Heart Test Laboratories are associated (or correlated) with OpGen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OpGen Inc has no effect on the direction of Heart Test i.e., Heart Test and OpGen go up and down completely randomly.
Pair Corralation between Heart Test and OpGen
If you would invest 294.00 in Heart Test Laboratories on September 1, 2024 and sell it today you would earn a total of 1.00 from holding Heart Test Laboratories or generate 0.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Heart Test Laboratories vs. OpGen Inc
Performance |
| Timeline |
| Heart Test Laboratories |
| OpGen Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Heart Test and OpGen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Heart Test and OpGen
The main advantage of trading using opposite Heart Test and OpGen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Heart Test position performs unexpectedly, OpGen 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 OpGen will offset losses from the drop in OpGen's long position.| Heart Test vs. Tivic Health Systems | Heart Test vs. Bluejay Diagnostics | Heart Test vs. Nuwellis | Heart Test vs. NeuroMetrix |
| OpGen vs. Bone Biologics Corp | OpGen vs. NanoVibronix | OpGen vs. Bluejay Diagnostics | OpGen vs. Vivos Therapeutics |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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