Correlation Between HTG Molecular and Agilent Technologies
Can any of the company-specific risk be diversified away by investing in both HTG Molecular and Agilent Technologies 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 HTG Molecular and Agilent Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HTG Molecular Diagnostics and Agilent Technologies, you can compare the effects of market volatilities on HTG Molecular and Agilent Technologies 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 HTG Molecular with a short position of Agilent Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of HTG Molecular and Agilent Technologies.
Diversification Opportunities for HTG Molecular and Agilent Technologies
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HTG and Agilent is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding HTG Molecular Diagnostics and Agilent Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agilent Technologies and HTG Molecular 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 HTG Molecular Diagnostics are associated (or correlated) with Agilent Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agilent Technologies has no effect on the direction of HTG Molecular i.e., HTG Molecular and Agilent Technologies go up and down completely randomly.
Pair Corralation between HTG Molecular and Agilent Technologies
If you would invest 13,617 in Agilent Technologies on September 12, 2024 and sell it today you would earn a total of 502.00 from holding Agilent Technologies or generate 3.69% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 1.56% |
Values | Daily Returns |
HTG Molecular Diagnostics vs. Agilent Technologies
Performance |
Timeline |
HTG Molecular Diagnostics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Agilent Technologies |
HTG Molecular and Agilent Technologies Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HTG Molecular and Agilent Technologies
The main advantage of trading using opposite HTG Molecular and Agilent Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HTG Molecular position performs unexpectedly, Agilent Technologies 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 Agilent Technologies will offset losses from the drop in Agilent Technologies' long position.HTG Molecular vs. bioAffinity Technologies, | HTG Molecular vs. Psychemedics | HTG Molecular vs. Precipio | HTG Molecular vs. Intelligent Bio Solutions |
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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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