Correlation Between Singular Genomics and Mapletree Logistics
Can any of the company-specific risk be diversified away by investing in both Singular Genomics and Mapletree Logistics 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 Mapletree Logistics 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 Mapletree Logistics Trust, you can compare the effects of market volatilities on Singular Genomics and Mapletree Logistics 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 Mapletree Logistics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Singular Genomics and Mapletree Logistics.
Diversification Opportunities for Singular Genomics and Mapletree Logistics
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Singular and Mapletree is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Singular Genomics Systems and Mapletree Logistics Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mapletree Logistics Trust 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 Mapletree Logistics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mapletree Logistics Trust has no effect on the direction of Singular Genomics i.e., Singular Genomics and Mapletree Logistics go up and down completely randomly.
Pair Corralation between Singular Genomics and Mapletree Logistics
Given the investment horizon of 90 days Singular Genomics is expected to generate 2.92 times less return on investment than Mapletree Logistics. In addition to that, Singular Genomics is 2.21 times more volatile than Mapletree Logistics Trust. It trades about 0.0 of its total potential returns per unit of risk. Mapletree Logistics Trust is currently generating about 0.02 per unit of volatility. If you would invest 100.00 in Mapletree Logistics Trust on September 4, 2024 and sell it today you would earn a total of 1.00 from holding Mapletree Logistics Trust or generate 1.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 70.1% |
| Values | Daily Returns |
Singular Genomics Systems vs. Mapletree Logistics Trust
Performance |
| Timeline |
| Singular Genomics Systems |
| Mapletree Logistics Trust |
Singular Genomics and Mapletree Logistics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Singular Genomics and Mapletree Logistics
The main advantage of trading using opposite Singular Genomics and Mapletree Logistics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Singular Genomics position performs unexpectedly, Mapletree Logistics 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 Mapletree Logistics will offset losses from the drop in Mapletree Logistics' long position.| Singular Genomics vs. InfuSystems Holdings | Singular Genomics vs. Pro Dex | Singular Genomics vs. LeMaitre Vascular | Singular Genomics vs. Utah Medical Products |
| Mapletree Logistics vs. Eldorado Gold Corp | Mapletree Logistics vs. Tarsus Pharmaceuticals | Mapletree Logistics vs. Western Copper and | Mapletree Logistics vs. Amkor Technology |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |