Correlation Between NanoVibronix and OpGen
Can any of the company-specific risk be diversified away by investing in both NanoVibronix 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 NanoVibronix and OpGen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NanoVibronix and OpGen Inc, you can compare the effects of market volatilities on NanoVibronix 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 NanoVibronix with a short position of OpGen. Check out your portfolio center. Please also check ongoing floating volatility patterns of NanoVibronix and OpGen.
Diversification Opportunities for NanoVibronix and OpGen
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between NanoVibronix and OpGen is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding NanoVibronix and OpGen Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OpGen Inc and NanoVibronix 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 NanoVibronix 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 NanoVibronix i.e., NanoVibronix and OpGen go up and down completely randomly.
Pair Corralation between NanoVibronix and OpGen
Given the investment horizon of 90 days NanoVibronix is expected to under-perform the OpGen. But the stock apears to be less risky and, when comparing its historical volatility, NanoVibronix is 2.26 times less risky than OpGen. The stock trades about -0.05 of its potential returns per unit of risk. The OpGen Inc is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 820.00 in OpGen Inc on August 28, 2024 and sell it today you would lose (630.00) from holding OpGen Inc or give up 76.83% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 81.64% |
| Values | Daily Returns |
NanoVibronix vs. OpGen Inc
Performance |
| Timeline |
| NanoVibronix |
| OpGen Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
NanoVibronix and OpGen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NanoVibronix and OpGen
The main advantage of trading using opposite NanoVibronix and OpGen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NanoVibronix 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.| NanoVibronix vs. Bone Biologics Corp | NanoVibronix vs. Bluejay Diagnostics | NanoVibronix vs. Vivos Therapeutics | NanoVibronix vs. Tivic Health Systems |
| 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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |