Correlation Between ENDRA Life and Olink Holding
Can any of the company-specific risk be diversified away by investing in both ENDRA Life and Olink Holding 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 Olink Holding 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 Olink Holding AB, you can compare the effects of market volatilities on ENDRA Life and Olink Holding 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 Olink Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of ENDRA Life and Olink Holding.
Diversification Opportunities for ENDRA Life and Olink Holding
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ENDRA and Olink is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ENDRA Life Sciences and Olink Holding AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Olink Holding AB 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 Olink Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Olink Holding AB has no effect on the direction of ENDRA Life i.e., ENDRA Life and Olink Holding go up and down completely randomly.
Pair Corralation between ENDRA Life and Olink Holding
Given the investment horizon of 90 days ENDRA Life Sciences is expected to under-perform the Olink Holding. In addition to that, ENDRA Life is 10.37 times more volatile than Olink Holding AB. It trades about -0.13 of its total potential returns per unit of risk. Olink Holding AB is currently generating about 0.06 per unit of volatility. If you would invest 2,445 in Olink Holding AB on November 3, 2024 and sell it today you would earn a total of 163.00 from holding Olink Holding AB or generate 6.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 43.15% |
| Values | Daily Returns |
ENDRA Life Sciences vs. Olink Holding AB
Performance |
| Timeline |
| ENDRA Life Sciences |
| Olink Holding AB |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
ENDRA Life and Olink Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ENDRA Life and Olink Holding
The main advantage of trading using opposite ENDRA Life and Olink Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ENDRA Life position performs unexpectedly, Olink Holding 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 Olink Holding will offset losses from the drop in Olink Holding's long position.| ENDRA Life vs. Burning Rock Biotech | ENDRA Life vs. Neuronetics | ENDRA Life vs. DarioHealth Corp | ENDRA Life vs. Sera Prognostics |
| Olink Holding vs. Fonar | Olink Holding vs. Burning Rock Biotech | Olink Holding vs. Sera Prognostics | Olink Holding vs. DarioHealth 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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |