Correlation Between Singular Genomics and Accuray Incorporated
Can any of the company-specific risk be diversified away by investing in both Singular Genomics and Accuray Incorporated 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 Singular Genomics and Accuray Incorporated into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Singular Genomics Systems and Accuray Incorporated, you can compare the effects of market volatilities on Singular Genomics and Accuray Incorporated 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 Singular Genomics with a short position of Accuray Incorporated. Check out your portfolio center. Please also check ongoing floating volatility patterns of Singular Genomics and Accuray Incorporated.
Diversification Opportunities for Singular Genomics and Accuray Incorporated
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Singular and Accuray is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Singular Genomics Systems and Accuray Incorporated in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accuray Incorporated and Singular Genomics 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 Singular Genomics Systems are associated (or correlated) with Accuray Incorporated. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accuray Incorporated has no effect on the direction of Singular Genomics i.e., Singular Genomics and Accuray Incorporated go up and down completely randomly.
Pair Corralation between Singular Genomics and Accuray Incorporated
Given the investment horizon of 90 days Singular Genomics Systems is expected to generate 4.27 times more return on investment than Accuray Incorporated. However, Singular Genomics is 4.27 times more volatile than Accuray Incorporated. It trades about 0.16 of its potential returns per unit of risk. Accuray Incorporated is currently generating about -0.01 per unit of risk. If you would invest 665.00 in Singular Genomics Systems on August 28, 2024 and sell it today you would earn a total of 1,472 from holding Singular Genomics Systems or generate 221.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Singular Genomics Systems vs. Accuray Incorporated
Performance |
| Timeline |
| Singular Genomics Systems |
| Accuray Incorporated |
Singular Genomics and Accuray Incorporated Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Singular Genomics and Accuray Incorporated
The main advantage of trading using opposite Singular Genomics and Accuray Incorporated positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Singular Genomics position performs unexpectedly, Accuray Incorporated 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 Accuray Incorporated will offset losses from the drop in Accuray Incorporated's long position.| Singular Genomics vs. Heartbeam | Singular Genomics vs. EUDA Health Holdings | Singular Genomics vs. Nutex Health | Singular Genomics vs. Healthcare Triangle |
| Accuray Incorporated vs. SurModics | Accuray Incorporated vs. Axogen Inc | Accuray Incorporated vs. Bioventus | Accuray Incorporated vs. Cutera Inc |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
Other Complementary Tools
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |