Correlation Between Agilent Technologies and FLDM
Can any of the company-specific risk be diversified away by investing in both Agilent Technologies and FLDM 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 Agilent Technologies and FLDM into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Agilent Technologies and FLDM, you can compare the effects of market volatilities on Agilent Technologies and FLDM 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 Agilent Technologies with a short position of FLDM. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agilent Technologies and FLDM.
Diversification Opportunities for Agilent Technologies and FLDM
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Agilent and FLDM is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Agilent Technologies and FLDM in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FLDM and Agilent Technologies 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 Agilent Technologies are associated (or correlated) with FLDM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FLDM has no effect on the direction of Agilent Technologies i.e., Agilent Technologies and FLDM go up and down completely randomly.
Pair Corralation between Agilent Technologies and FLDM
If you would invest 371.00 in FLDM on January 19, 2024 and sell it today you would earn a total of 0.00 from holding FLDM or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.4% |
| Values | Daily Returns |
Agilent Technologies vs. FLDM
Performance |
| Timeline |
| Agilent Technologies |
| FLDM |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Agilent Technologies and FLDM Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agilent Technologies and FLDM
The main advantage of trading using opposite Agilent Technologies and FLDM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agilent Technologies position performs unexpectedly, FLDM 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 FLDM will offset losses from the drop in FLDM's long position.| Agilent Technologies vs. Danaher | Agilent Technologies vs. IDEXX Laboratories | Agilent Technologies vs. Guardant Health | Agilent Technologies vs. Charles River Laboratories |
| FLDM vs. Tidal Trust II | FLDM vs. Global X Artificial | FLDM vs. Akros Monthly Payout | FLDM vs. Innovator Laddered Allocation |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |