Correlation Between ENDRA Life and Biodesix

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Can any of the company-specific risk be diversified away by investing in both ENDRA Life and Biodesix 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 ENDRA Life and Biodesix into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ENDRA Life Sciences and Biodesix, you can compare the effects of market volatilities on ENDRA Life and Biodesix 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 ENDRA Life with a short position of Biodesix. Check out your portfolio center. Please also check ongoing floating volatility patterns of ENDRA Life and Biodesix.

Diversification Opportunities for ENDRA Life and Biodesix

0.18
  Correlation Coefficient

Average diversification

The 3 months correlation between ENDRA and Biodesix is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding ENDRA Life Sciences and Biodesix in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Biodesix and ENDRA Life 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 ENDRA Life Sciences are associated (or correlated) with Biodesix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Biodesix has no effect on the direction of ENDRA Life i.e., ENDRA Life and Biodesix go up and down completely randomly.

Pair Corralation between ENDRA Life and Biodesix

Given the investment horizon of 90 days ENDRA Life Sciences is expected to under-perform the Biodesix. In addition to that, ENDRA Life is 2.13 times more volatile than Biodesix. It trades about -0.09 of its total potential returns per unit of risk. Biodesix is currently generating about 0.0 per unit of volatility. If you would invest  185.00  in Biodesix on November 2, 2024 and sell it today you would lose (81.00) from holding Biodesix or give up 43.78% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

ENDRA Life Sciences  vs.  Biodesix

 Performance 
       Timeline  
ENDRA Life Sciences 

Risk-Adjusted Performance

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Weak
 
Strong
Very Weak
Over the last 90 days ENDRA Life Sciences has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's basic indicators remain somewhat strong which may send shares a bit higher in March 2025. The current disturbance may also be a sign of long term up-swing for the company investors.
Biodesix 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Biodesix has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of inconsistent performance in the last few months, the Stock's basic indicators remain fairly strong which may send shares a bit higher in March 2025. The current disturbance may also be a sign of long term up-swing for the company investors.

ENDRA Life and Biodesix Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with ENDRA Life and Biodesix

The main advantage of trading using opposite ENDRA Life and Biodesix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ENDRA Life position performs unexpectedly, Biodesix 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 Biodesix will offset losses from the drop in Biodesix's long position.
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The idea behind ENDRA Life Sciences and Biodesix pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Bonds Directory module to find actively traded corporate debentures issued by US companies.

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