Correlation Between WaferGen Bio and Bruker
Can any of the company-specific risk be diversified away by investing in both WaferGen Bio and Bruker 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 WaferGen Bio and Bruker into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between WaferGen Bio systems and Bruker, you can compare the effects of market volatilities on WaferGen Bio and Bruker 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 WaferGen Bio with a short position of Bruker. Check out your portfolio center. Please also check ongoing floating volatility patterns of WaferGen Bio and Bruker.
Diversification Opportunities for WaferGen Bio and Bruker
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between WaferGen and Bruker is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding WaferGen Bio systems and Bruker in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bruker and WaferGen Bio 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 WaferGen Bio systems are associated (or correlated) with Bruker. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bruker has no effect on the direction of WaferGen Bio i.e., WaferGen Bio and Bruker go up and down completely randomly.
Pair Corralation between WaferGen Bio and Bruker
If you would invest 6,025 in Bruker on February 8, 2024 and sell it today you would earn a total of 1,408 from holding Bruker or generate 23.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.2% |
| Values | Daily Returns |
WaferGen Bio systems vs. Bruker
Performance |
| Timeline |
| WaferGen Bio systems |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Bruker |
WaferGen Bio and Bruker Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with WaferGen Bio and Bruker
The main advantage of trading using opposite WaferGen Bio and Bruker positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WaferGen Bio position performs unexpectedly, Bruker 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 Bruker will offset losses from the drop in Bruker's long position.| WaferGen Bio vs. Antero Midstream Partners | WaferGen Bio vs. Alliant Energy Corp | WaferGen Bio vs. Ark Restaurants Corp | WaferGen Bio vs. Playa Hotels Resorts |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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