Correlation Between Public Storage and 10X GENOMICS
Can any of the company-specific risk be diversified away by investing in both Public Storage and 10X GENOMICS 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 Public Storage and 10X GENOMICS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Public Storage and 10X GENOMICS DL, you can compare the effects of market volatilities on Public Storage and 10X GENOMICS 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 Public Storage with a short position of 10X GENOMICS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Public Storage and 10X GENOMICS.
Diversification Opportunities for Public Storage and 10X GENOMICS
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Public and 10X is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Public Storage and 10X GENOMICS DL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 10X GENOMICS DL and Public Storage 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 Public Storage are associated (or correlated) with 10X GENOMICS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 10X GENOMICS DL has no effect on the direction of Public Storage i.e., Public Storage and 10X GENOMICS go up and down completely randomly.
Pair Corralation between Public Storage and 10X GENOMICS
Assuming the 90 days horizon Public Storage is expected to generate 0.31 times more return on investment than 10X GENOMICS. However, Public Storage is 3.28 times less risky than 10X GENOMICS. It trades about 0.09 of its potential returns per unit of risk. 10X GENOMICS DL is currently generating about -0.08 per unit of risk. If you would invest 24,491 in Public Storage on September 4, 2024 and sell it today you would earn a total of 8,589 from holding Public Storage or generate 35.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
Public Storage vs. 10X GENOMICS DL
Performance |
| Timeline |
| Public Storage |
| 10X GENOMICS DL |
Public Storage and 10X GENOMICS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Public Storage and 10X GENOMICS
The main advantage of trading using opposite Public Storage and 10X GENOMICS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Public Storage position performs unexpectedly, 10X GENOMICS 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 10X GENOMICS will offset losses from the drop in 10X GENOMICS's long position.| Public Storage vs. Prologis | Public Storage vs. SEGRO Plc | Public Storage vs. Yara International ASA | Public Storage vs. EastGroup Properties |
| 10X GENOMICS vs. Zoom Video Communications | 10X GENOMICS vs. INTERSHOP Communications Aktiengesellschaft | 10X GENOMICS vs. Verizon Communications | 10X GENOMICS vs. Cogent Communications Holdings |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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