Correlation Between Exagen and LumiraDx
Can any of the company-specific risk be diversified away by investing in both Exagen and LumiraDx 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 Exagen and LumiraDx into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Exagen Inc and LumiraDx, you can compare the effects of market volatilities on Exagen and LumiraDx 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 Exagen with a short position of LumiraDx. Check out your portfolio center. Please also check ongoing floating volatility patterns of Exagen and LumiraDx.
Diversification Opportunities for Exagen and LumiraDx
Pay attention - limited upside
The 3 months correlation between Exagen and LumiraDx is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Exagen Inc and LumiraDx in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LumiraDx and Exagen 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 Exagen Inc are associated (or correlated) with LumiraDx. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LumiraDx has no effect on the direction of Exagen i.e., Exagen and LumiraDx go up and down completely randomly.
Pair Corralation between Exagen and LumiraDx
If you would invest 329.00 in Exagen Inc on November 9, 2024 and sell it today you would earn a total of 198.00 from holding Exagen Inc or generate 60.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Exagen Inc vs. LumiraDx
Performance |
| Timeline |
| Exagen Inc |
| LumiraDx |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Exagen and LumiraDx Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Exagen and LumiraDx
The main advantage of trading using opposite Exagen and LumiraDx positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Exagen position performs unexpectedly, LumiraDx 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 LumiraDx will offset losses from the drop in LumiraDx's long position.| Exagen vs. Fonar | Exagen vs. Burning Rock Biotech | Exagen vs. Sera Prognostics | Exagen vs. Castle Biosciences |
| LumiraDx vs. Fonar | LumiraDx vs. Burning Rock Biotech | LumiraDx vs. Sera Prognostics | LumiraDx vs. Exagen Inc |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
Other Complementary Tools
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets |