Correlation Analysis Between Agilent Technologies and Merck

This module allows you to analyze existing cross correlation between Agilent Technologies and Merck Company. You can compare the effects of market volatilities on Agilent Technologies and Merck 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 Merck. See also your portfolio center. Please also check ongoing floating volatility patterns of Agilent Technologies and Merck.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

Agilent Technologies  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Agilent Technologies are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. Despite somewhat conflicting basic indicators, Agilent Technologies may actually be approaching a critical reversion point that can send shares even higher in November 2019.
Merck  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Merck Company are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. Regardless of fairly consistent technical and fundamental indicators, Merck is not utilizing all of its potentials. The existing stock price confusion, may contribute to short-horizon losses for the traders.

Agilent Technologies and Merck Volatility Contrast

 Predicted Return Density 
      Returns 

Agilent Technologies Inc  vs.  Merck Company Inc

 Performance (%) 
      Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, Agilent Technologies is expected to generate 1.43 times more return on investment than Merck. However, Agilent Technologies is 1.43 times more volatile than Merck Company. It trades about 0.07 of its potential returns per unit of risk. Merck Company is currently generating about 0.06 per unit of risk. If you would invest  7,055  in Agilent Technologies on September 13, 2019 and sell it today you would earn a total of  475.00  from holding Agilent Technologies or generate 6.73% return on investment over 30 days.

Pair Corralation between Agilent Technologies and Merck

-0.06
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Agilent Technologies and Merck

Agilent Technologies Inc diversification synergy

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Agilent Technologies Inc and Merck Company Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Merck 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 Merck. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Merck has no effect on the direction of Agilent Technologies i.e. Agilent Technologies and Merck go up and down completely randomly.
See also your portfolio center. Please also try Technical Analysis module to check basic technical indicators and analysis based on most latest market data.


 
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