Correlation Between Imagion Biosystems and Applied DNA
Can any of the company-specific risk be diversified away by investing in both Imagion Biosystems and Applied DNA 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 Imagion Biosystems and Applied DNA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Imagion Biosystems Limited and Applied DNA Sciences, you can compare the effects of market volatilities on Imagion Biosystems and Applied DNA 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 Imagion Biosystems with a short position of Applied DNA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Imagion Biosystems and Applied DNA.
Diversification Opportunities for Imagion Biosystems and Applied DNA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Imagion and Applied is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Imagion Biosystems Limited and Applied DNA Sciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Applied DNA Sciences and Imagion Biosystems 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 Imagion Biosystems Limited are associated (or correlated) with Applied DNA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Applied DNA Sciences has no effect on the direction of Imagion Biosystems i.e., Imagion Biosystems and Applied DNA go up and down completely randomly.
Pair Corralation between Imagion Biosystems and Applied DNA
If you would invest 3.50 in Imagion Biosystems Limited on September 4, 2024 and sell it today you would earn a total of 0.00 from holding Imagion Biosystems Limited or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Imagion Biosystems Limited vs. Applied DNA Sciences
Performance |
| Timeline |
| Imagion Biosystems |
| Applied DNA Sciences |
Imagion Biosystems and Applied DNA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Imagion Biosystems and Applied DNA
The main advantage of trading using opposite Imagion Biosystems and Applied DNA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Imagion Biosystems position performs unexpectedly, Applied DNA 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 Applied DNA will offset losses from the drop in Applied DNA's long position.| Imagion Biosystems vs. Neuronetics | Imagion Biosystems vs. Intelligent Bio Solutions | Imagion Biosystems vs. Biodesix | Imagion Biosystems vs. Precipio |
| Applied DNA vs. Biodesix | Applied DNA vs. DarioHealth Corp | Applied DNA vs. Exagen Inc | Applied DNA vs. Burning Rock Biotech |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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