Correlation Between ENDRA Life and Genetron Holdings
Can any of the company-specific risk be diversified away by investing in both ENDRA Life and Genetron Holdings 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 Genetron Holdings 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 Genetron Holdings, you can compare the effects of market volatilities on ENDRA Life and Genetron Holdings 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 Genetron Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of ENDRA Life and Genetron Holdings.
Diversification Opportunities for ENDRA Life and Genetron Holdings
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between ENDRA and Genetron is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding ENDRA Life Sciences and Genetron Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genetron Holdings 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 Genetron Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genetron Holdings has no effect on the direction of ENDRA Life i.e., ENDRA Life and Genetron Holdings go up and down completely randomly.
Pair Corralation between ENDRA Life and Genetron Holdings
If you would invest 94.00 in Genetron Holdings on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Genetron Holdings or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
ENDRA Life Sciences vs. Genetron Holdings
Performance |
| Timeline |
| ENDRA Life Sciences |
| Genetron Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
ENDRA Life and Genetron Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ENDRA Life and Genetron Holdings
The main advantage of trading using opposite ENDRA Life and Genetron Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ENDRA Life position performs unexpectedly, Genetron Holdings 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 Genetron Holdings will offset losses from the drop in Genetron Holdings' long position.| ENDRA Life vs. Burning Rock Biotech | ENDRA Life vs. Neuronetics | ENDRA Life vs. DarioHealth Corp | ENDRA Life vs. Sera Prognostics |
| Genetron Holdings vs. Psychemedics | Genetron Holdings vs. Sera Prognostics | Genetron Holdings vs. DarioHealth Corp | Genetron Holdings vs. Biodesix |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |