Correlation Between Semler Scientific and OpGen
Can any of the company-specific risk be diversified away by investing in both Semler Scientific and OpGen 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 Semler Scientific and OpGen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Semler Scientific and OpGen Inc, you can compare the effects of market volatilities on Semler Scientific and OpGen 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 Semler Scientific with a short position of OpGen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Semler Scientific and OpGen.
Diversification Opportunities for Semler Scientific and OpGen
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Semler and OpGen is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Semler Scientific and OpGen Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OpGen Inc and Semler Scientific 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 Semler Scientific are associated (or correlated) with OpGen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OpGen Inc has no effect on the direction of Semler Scientific i.e., Semler Scientific and OpGen go up and down completely randomly.
Pair Corralation between Semler Scientific and OpGen
If you would invest 2,938 in Semler Scientific on September 1, 2024 and sell it today you would earn a total of 2,764 from holding Semler Scientific or generate 94.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Semler Scientific vs. OpGen Inc
Performance |
| Timeline |
| Semler Scientific |
| OpGen Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Semler Scientific and OpGen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Semler Scientific and OpGen
The main advantage of trading using opposite Semler Scientific and OpGen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Semler Scientific position performs unexpectedly, OpGen 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 OpGen will offset losses from the drop in OpGen's long position.| Semler Scientific vs. CVRx Inc | Semler Scientific vs. SurModics | Semler Scientific vs. Pulmonx Corp | Semler Scientific vs. Orthofix Medical |
| OpGen vs. Bone Biologics Corp | OpGen vs. NanoVibronix | OpGen vs. Bluejay Diagnostics | OpGen vs. Vivos Therapeutics |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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