Correlation Between Interpace Biosciences and Exagen
Can any of the company-specific risk be diversified away by investing in both Interpace Biosciences and Exagen 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 Interpace Biosciences and Exagen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Interpace Biosciences and Exagen Inc, you can compare the effects of market volatilities on Interpace Biosciences and Exagen 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 Interpace Biosciences with a short position of Exagen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Interpace Biosciences and Exagen.
Diversification Opportunities for Interpace Biosciences and Exagen
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Interpace and Exagen is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Interpace Biosciences and Exagen Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Exagen Inc and Interpace Biosciences 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 Interpace Biosciences are associated (or correlated) with Exagen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exagen Inc has no effect on the direction of Interpace Biosciences i.e., Interpace Biosciences and Exagen go up and down completely randomly.
Pair Corralation between Interpace Biosciences and Exagen
If you would invest 197.00 in Exagen Inc on September 1, 2024 and sell it today you would earn a total of 200.00 from holding Exagen Inc or generate 101.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 0.79% |
| Values | Daily Returns |
Interpace Biosciences vs. Exagen Inc
Performance |
| Timeline |
| Interpace Biosciences |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Exagen Inc |
Interpace Biosciences and Exagen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Interpace Biosciences and Exagen
The main advantage of trading using opposite Interpace Biosciences and Exagen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Interpace Biosciences position performs unexpectedly, Exagen 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 Exagen will offset losses from the drop in Exagen's long position.| Interpace Biosciences vs. Intelligent Bio Solutions | Interpace Biosciences vs. bioAffinity Technologies, | Interpace Biosciences vs. Fonar | Interpace Biosciences vs. Burning Rock Biotech |
| Exagen vs. Fonar | Exagen vs. Burning Rock Biotech | Exagen vs. Sera Prognostics | Exagen vs. Castle Biosciences |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
Other Complementary Tools
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |