Correlation Between Vita Mobile and OpGen
Can any of the company-specific risk be diversified away by investing in both Vita Mobile 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 Vita Mobile and OpGen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Vita Mobile Systems and OpGen Inc, you can compare the effects of market volatilities on Vita Mobile 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 Vita Mobile with a short position of OpGen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Vita Mobile and OpGen.
Diversification Opportunities for Vita Mobile and OpGen
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Vita and OpGen is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Vita Mobile Systems and OpGen Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OpGen Inc and Vita Mobile 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 Vita Mobile Systems 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 Vita Mobile i.e., Vita Mobile and OpGen go up and down completely randomly.
Pair Corralation between Vita Mobile and OpGen
If you would invest 0.10 in Vita Mobile Systems on August 31, 2024 and sell it today you would earn a total of 0.00 from holding Vita Mobile Systems or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 1.69% |
| Values | Daily Returns |
Vita Mobile Systems vs. OpGen Inc
Performance |
| Timeline |
| Vita Mobile Systems |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| OpGen Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Vita Mobile and OpGen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Vita Mobile and OpGen
The main advantage of trading using opposite Vita Mobile and OpGen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Vita Mobile 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.| Vita Mobile vs. DouYu International Holdings | Vita Mobile vs. Tencent Music Entertainment | Vita Mobile vs. Weibo Corp | Vita Mobile vs. PropertyGuru Group |
| 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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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