Correlation Between VentriPoint Diagnostics and OpGen
Can any of the company-specific risk be diversified away by investing in both VentriPoint Diagnostics 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 VentriPoint Diagnostics and OpGen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between VentriPoint Diagnostics and OpGen Inc, you can compare the effects of market volatilities on VentriPoint Diagnostics 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 VentriPoint Diagnostics with a short position of OpGen. Check out your portfolio center. Please also check ongoing floating volatility patterns of VentriPoint Diagnostics and OpGen.
Diversification Opportunities for VentriPoint Diagnostics and OpGen
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between VentriPoint and OpGen is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding VentriPoint Diagnostics and OpGen Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OpGen Inc and VentriPoint Diagnostics 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 VentriPoint Diagnostics 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 VentriPoint Diagnostics i.e., VentriPoint Diagnostics and OpGen go up and down completely randomly.
Pair Corralation between VentriPoint Diagnostics and OpGen
Assuming the 90 days horizon VentriPoint Diagnostics is expected to generate 0.49 times more return on investment than OpGen. However, VentriPoint Diagnostics is 2.04 times less risky than OpGen. It trades about 0.0 of its potential returns per unit of risk. OpGen Inc is currently generating about 0.0 per unit of risk. If you would invest 20.00 in VentriPoint Diagnostics on August 24, 2024 and sell it today you would lose (11.42) from holding VentriPoint Diagnostics or give up 57.1% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 87.3% |
| Values | Daily Returns |
VentriPoint Diagnostics vs. OpGen Inc
Performance |
| Timeline |
| VentriPoint Diagnostics |
| OpGen Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
VentriPoint Diagnostics and OpGen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with VentriPoint Diagnostics and OpGen
The main advantage of trading using opposite VentriPoint Diagnostics and OpGen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if VentriPoint Diagnostics 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.| VentriPoint Diagnostics vs. Armm Inc | VentriPoint Diagnostics vs. Cellink AB | VentriPoint Diagnostics vs. Bone Biologics Corp | VentriPoint Diagnostics vs. BICO Group AB |
| 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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