Correlation Between Agilent Technologies and Upsellon Brands
Can any of the company-specific risk be diversified away by investing in both Agilent Technologies and Upsellon Brands 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 Upsellon Brands into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Agilent Technologies and Upsellon Brands Holdings, you can compare the effects of market volatilities on Agilent Technologies and Upsellon Brands 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 Upsellon Brands. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agilent Technologies and Upsellon Brands.
Diversification Opportunities for Agilent Technologies and Upsellon Brands
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Agilent and Upsellon is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Agilent Technologies and Upsellon Brands Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Upsellon Brands Holdings 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 Upsellon Brands. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Upsellon Brands Holdings has no effect on the direction of Agilent Technologies i.e., Agilent Technologies and Upsellon Brands go up and down completely randomly.
Pair Corralation between Agilent Technologies and Upsellon Brands
Taking into account the 90-day investment horizon Agilent Technologies is expected to under-perform the Upsellon Brands. But the stock apears to be less risky and, when comparing its historical volatility, Agilent Technologies is 2.85 times less risky than Upsellon Brands. The stock trades about -0.12 of its potential returns per unit of risk. The Upsellon Brands Holdings is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 10,200 in Upsellon Brands Holdings on January 26, 2024 and sell it today you would earn a total of 1,000.00 from holding Upsellon Brands Holdings or generate 9.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 76.19% |
| Values | Daily Returns |
Agilent Technologies vs. Upsellon Brands Holdings
Performance |
| Timeline |
| Agilent Technologies |
| Upsellon Brands Holdings |
Agilent Technologies and Upsellon Brands Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agilent Technologies and Upsellon Brands
The main advantage of trading using opposite Agilent Technologies and Upsellon Brands positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agilent Technologies position performs unexpectedly, Upsellon Brands 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 Upsellon Brands will offset losses from the drop in Upsellon Brands' long position.| Agilent Technologies vs. Fonar | Agilent Technologies vs. Burning Rock BiotechLtd | Agilent Technologies vs. Sera Prognostics | Agilent Technologies vs. Psychemedics |
| Upsellon Brands vs. Augwind Energy Tech | Upsellon Brands vs. Identi Healthcare | Upsellon Brands vs. Buff Technologies | Upsellon Brands vs. Computer Direct |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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