Correlation Between OpGen and Electromedical Technologies
Can any of the company-specific risk be diversified away by investing in both OpGen and Electromedical 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 OpGen and Electromedical Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OpGen Inc and Electromedical Technologies, you can compare the effects of market volatilities on OpGen and Electromedical 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 OpGen with a short position of Electromedical Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of OpGen and Electromedical Technologies.
Diversification Opportunities for OpGen and Electromedical Technologies
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between OpGen and Electromedical is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding OpGen Inc and Electromedical Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Electromedical Technologies 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 Electromedical Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Electromedical Technologies has no effect on the direction of OpGen i.e., OpGen and Electromedical Technologies go up and down completely randomly.
Pair Corralation between OpGen and Electromedical Technologies
If you would invest 190.00 in OpGen Inc on September 23, 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 | Very Weak |
Accuracy | 4.76% |
Values | Daily Returns |
OpGen Inc vs. Electromedical Technologies
Performance |
Timeline |
OpGen Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Electromedical Technologies |
OpGen and Electromedical Technologies Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with OpGen and Electromedical Technologies
The main advantage of trading using opposite OpGen and Electromedical Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OpGen position performs unexpectedly, Electromedical 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 Electromedical Technologies will offset losses from the drop in Electromedical Technologies' long position.OpGen vs. Bone Biologics Corp | OpGen vs. NanoVibronix | OpGen vs. Bluejay Diagnostics | OpGen vs. Vivos Therapeutics |
Electromedical Technologies vs. Armm Inc | Electromedical Technologies vs. Cellink AB | Electromedical Technologies vs. Bone Biologics Corp | Electromedical Technologies vs. BICO Group AB |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
Global Correlations Find global opportunities by holding instruments from different markets | |
Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |