Correlation Between Intelgenx Technologs and Guided Therapeutics
Can any of the company-specific risk be diversified away by investing in both Intelgenx Technologs and Guided Therapeutics 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 Intelgenx Technologs and Guided Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intelgenx Technologs and Guided Therapeutics, you can compare the effects of market volatilities on Intelgenx Technologs and Guided Therapeutics 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 Intelgenx Technologs with a short position of Guided Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intelgenx Technologs and Guided Therapeutics.
Diversification Opportunities for Intelgenx Technologs and Guided Therapeutics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Intelgenx and Guided is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Intelgenx Technologs and Guided Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guided Therapeutics and Intelgenx Technologs 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 Intelgenx Technologs are associated (or correlated) with Guided Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guided Therapeutics has no effect on the direction of Intelgenx Technologs i.e., Intelgenx Technologs and Guided Therapeutics go up and down completely randomly.
Pair Corralation between Intelgenx Technologs and Guided Therapeutics
If you would invest 16.00 in Guided Therapeutics on September 2, 2024 and sell it today you would earn a total of 3.00 from holding Guided Therapeutics or generate 18.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intelgenx Technologs vs. Guided Therapeutics
Performance |
| Timeline |
| Intelgenx Technologs |
| Guided Therapeutics |
Intelgenx Technologs and Guided Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intelgenx Technologs and Guided Therapeutics
The main advantage of trading using opposite Intelgenx Technologs and Guided Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intelgenx Technologs position performs unexpectedly, Guided Therapeutics 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 Guided Therapeutics will offset losses from the drop in Guided Therapeutics' long position.| Intelgenx Technologs vs. Brainsway | Intelgenx Technologs vs. Venus Concept | Intelgenx Technologs vs. Tactile Systems Technology | Intelgenx Technologs vs. Icecure Medical |
| Guided Therapeutics vs. Medtronic PLC | Guided Therapeutics vs. CONMED | Guided Therapeutics vs. Glaukos Corp | Guided Therapeutics vs. Integer Holdings Corp |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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