Correlation Between WaferGen Bio-systems and II VI
Can any of the company-specific risk be diversified away by investing in both WaferGen Bio-systems and II VI 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-systems and II VI 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 II VI Incorporated, you can compare the effects of market volatilities on WaferGen Bio-systems and II VI 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-systems with a short position of II VI. Check out your portfolio center. Please also check ongoing floating volatility patterns of WaferGen Bio-systems and II VI.
Diversification Opportunities for WaferGen Bio-systems and II VI
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between WaferGen and IIVI is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding WaferGen Bio systems and II VI Incorporated in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on II VI rporated and WaferGen Bio-systems 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 II VI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of II VI rporated has no effect on the direction of WaferGen Bio-systems i.e., WaferGen Bio-systems and II VI go up and down completely randomly.
Pair Corralation between WaferGen Bio-systems and II VI
If you would invest 3,221 in II VI Incorporated on January 24, 2024 and sell it today you would earn a total of 0.00 from holding II VI Incorporated or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
WaferGen Bio systems vs. II VI Incorporated
Performance |
| Timeline |
| WaferGen Bio systems |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| II VI rporated |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
WaferGen Bio-systems and II VI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with WaferGen Bio-systems and II VI
The main advantage of trading using opposite WaferGen Bio-systems and II VI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WaferGen Bio-systems position performs unexpectedly, II VI 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 II VI will offset losses from the drop in II VI's long position.| WaferGen Bio-systems vs. KLA Tencor | WaferGen Bio-systems vs. Microchip Technology | WaferGen Bio-systems vs. Advanced Micro Devices | WaferGen Bio-systems vs. Intchains Group Limited |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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