Correlation Between DGELN and Nano X
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By analyzing existing cross correlation between DGELN 52 24 OCT 25 and Nano X Imaging, you can compare the effects of market volatilities on DGELN and Nano X 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 DGELN with a short position of Nano X. Check out your portfolio center. Please also check ongoing floating volatility patterns of DGELN and Nano X.
Diversification Opportunities for DGELN and Nano X
Very good diversification
The 3 months correlation between DGELN and Nano is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding DGELN 52 24 OCT 25 and Nano X Imaging in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nano X Imaging and DGELN 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 DGELN 52 24 OCT 25 are associated (or correlated) with Nano X. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nano X Imaging has no effect on the direction of DGELN i.e., DGELN and Nano X go up and down completely randomly.
Pair Corralation between DGELN and Nano X
Assuming the 90 days trading horizon DGELN 52 24 OCT 25 is expected to under-perform the Nano X. But the bond apears to be less risky and, when comparing its historical volatility, DGELN 52 24 OCT 25 is 11.96 times less risky than Nano X. The bond trades about -0.04 of its potential returns per unit of risk. The Nano X Imaging is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 676.00 in Nano X Imaging on October 21, 2024 and sell it today you would earn a total of 165.00 from holding Nano X Imaging or generate 24.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 47.37% |
| Values | Daily Returns |
DGELN 52 24 OCT 25 vs. Nano X Imaging
Performance |
| Timeline |
| DGELN 52 24 |
| Nano X Imaging |
DGELN and Nano X Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with DGELN and Nano X
The main advantage of trading using opposite DGELN and Nano X positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DGELN position performs unexpectedly, Nano X 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 Nano X will offset losses from the drop in Nano X's long position.| DGELN vs. AEP TEX INC | DGELN vs. US BANK NATIONAL | DGELN vs. Bank of Montreal | DGELN vs. Tonix Pharmaceuticals Holding |
| Nano X vs. Abbott Laboratories | Nano X vs. Stryker | Nano X vs. Edwards Lifesciences Corp | Nano X vs. Boston Scientific Corp |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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