Correlation Between Olink Holding and Exagen
Can any of the company-specific risk be diversified away by investing in both Olink Holding and Exagen 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 Olink Holding and Exagen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Olink Holding AB and Exagen Inc, you can compare the effects of market volatilities on Olink Holding and Exagen 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 Olink Holding with a short position of Exagen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Olink Holding and Exagen.
Diversification Opportunities for Olink Holding and Exagen
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Olink and Exagen is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Olink Holding AB and Exagen Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Exagen Inc and Olink Holding 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 Olink Holding AB are associated (or correlated) with Exagen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exagen Inc has no effect on the direction of Olink Holding i.e., Olink Holding and Exagen go up and down completely randomly.
Pair Corralation between Olink Holding and Exagen
If you would invest 261.00 in Exagen Inc on August 27, 2024 and sell it today you would earn a total of 149.00 from holding Exagen Inc or generate 57.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Olink Holding AB vs. Exagen Inc
Performance |
| Timeline |
| Olink Holding AB |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Exagen Inc |
Olink Holding and Exagen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Olink Holding and Exagen
The main advantage of trading using opposite Olink Holding and Exagen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Olink Holding position performs unexpectedly, Exagen 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 Exagen will offset losses from the drop in Exagen's long position.| Olink Holding vs. Fonar | Olink Holding vs. Burning Rock Biotech | Olink Holding vs. Sera Prognostics | Olink Holding vs. Psychemedics |
| Exagen vs. Fonar | Exagen vs. Burning Rock Biotech | Exagen vs. Sera Prognostics | Exagen vs. Castle Biosciences |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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