Correlation Between Singular Genomics and FOXO Technologies
Can any of the company-specific risk be diversified away by investing in both Singular Genomics and FOXO Technologies 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 FOXO Technologies 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 FOXO Technologies, you can compare the effects of market volatilities on Singular Genomics and FOXO Technologies 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 FOXO Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Singular Genomics and FOXO Technologies.
Diversification Opportunities for Singular Genomics and FOXO Technologies
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Singular and FOXO is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Singular Genomics Systems and FOXO Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FOXO Technologies 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 FOXO Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FOXO Technologies has no effect on the direction of Singular Genomics i.e., Singular Genomics and FOXO Technologies go up and down completely randomly.
Pair Corralation between Singular Genomics and FOXO Technologies
Given the investment horizon of 90 days Singular Genomics is expected to generate 6.95 times less return on investment than FOXO Technologies. But when comparing it to its historical volatility, Singular Genomics Systems is 7.02 times less risky than FOXO Technologies. It trades about 0.21 of its potential returns per unit of risk. FOXO Technologies is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 14.00 in FOXO Technologies on August 28, 2024 and sell it today you would earn a total of 25.00 from holding FOXO Technologies or generate 178.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Singular Genomics Systems vs. FOXO Technologies
Performance |
| Timeline |
| Singular Genomics Systems |
| FOXO Technologies |
Singular Genomics and FOXO Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Singular Genomics and FOXO Technologies
The main advantage of trading using opposite Singular Genomics and FOXO Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Singular Genomics position performs unexpectedly, FOXO Technologies 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 FOXO Technologies will offset losses from the drop in FOXO Technologies' long position.| Singular Genomics vs. Heartbeam | Singular Genomics vs. EUDA Health Holdings | Singular Genomics vs. Nutex Health | Singular Genomics vs. Healthcare Triangle |
| FOXO Technologies vs. Heartbeam | FOXO Technologies vs. EUDA Health Holdings | FOXO Technologies vs. Nutex Health | FOXO Technologies vs. Healthcare Triangle |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |