Correlation Between OpGen and Tivic Health
Can any of the company-specific risk be diversified away by investing in both OpGen and Tivic Health 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 OpGen and Tivic Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OpGen Inc and Tivic Health Systems, you can compare the effects of market volatilities on OpGen and Tivic Health 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 OpGen with a short position of Tivic Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of OpGen and Tivic Health.
Diversification Opportunities for OpGen and Tivic Health
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between OpGen and Tivic is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding OpGen Inc and Tivic Health Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tivic Health Systems and OpGen 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 OpGen Inc are associated (or correlated) with Tivic Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tivic Health Systems has no effect on the direction of OpGen i.e., OpGen and Tivic Health go up and down completely randomly.
Pair Corralation between OpGen and Tivic Health
If you would invest 190.00 in OpGen Inc on September 12, 2024 and sell it today you would earn a total of 0.00 from holding OpGen Inc or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 4.76% |
Values | Daily Returns |
OpGen Inc vs. Tivic Health Systems
Performance |
Timeline |
OpGen Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Tivic Health Systems |
OpGen and Tivic Health Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with OpGen and Tivic Health
The main advantage of trading using opposite OpGen and Tivic Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OpGen position performs unexpectedly, Tivic Health 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 Tivic Health will offset losses from the drop in Tivic Health's long position.OpGen vs. Bone Biologics Corp | OpGen vs. NanoVibronix | OpGen vs. Bluejay Diagnostics | OpGen vs. Vivos Therapeutics |
Tivic Health vs. Bluejay Diagnostics | Tivic Health vs. Heart Test Laboratories | Tivic Health vs. Nuwellis | Tivic Health vs. Bone Biologics 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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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