Correlation Analysis Between Agilent Technologies and Dermtech

Analyzing existing cross correlation between Agilent Technologies and Dermtech. You can compare the effects of market volatilities on Agilent Technologies and Dermtech 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 Dermtech. See also your portfolio center. Please also check ongoing floating volatility patterns of Agilent Technologies and Dermtech.
Horizon     30 Days    Login   to change
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Comparative Performance

Agilent Technologies  
2121

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Agilent Technologies are ranked lower than 21 (%) of all global equities and portfolios over the last 30 days. Despite somewhat fragile basic indicators, Agilent Technologies sustained solid returns over the last few months and may actually be approaching a breakup point.
Dermtech  
1111

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Dermtech are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days. Regardless of fairly weak technical and fundamental indicators, Dermtech demonstrated solid returns over the last few months and may actually be approaching a breakup point.

Agilent Technologies and Dermtech Volatility Contrast

 Predicted Return Density 
    
  Returns 

Agilent Technologies Inc  vs.  Dermtech

 Performance (%) 
    
  Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, Agilent Technologies is expected to generate 5.76 times less return on investment than Dermtech. But when comparing it to its historical volatility, Agilent Technologies is 11.03 times less risky than Dermtech. It trades about 0.31 of its potential returns per unit of risk. Dermtech is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest  653.00  in Dermtech on December 25, 2019 and sell it today you would earn a total of  646.00  from holding Dermtech or generate 98.93% return on investment over 30 days.

Pair Corralation between Agilent Technologies and Dermtech

0.73
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy96.83%
ValuesDaily Returns

Diversification Opportunities for Agilent Technologies and Dermtech

Agilent Technologies Inc diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Agilent Technologies Inc and Dermtech in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Dermtech 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 Dermtech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dermtech has no effect on the direction of Agilent Technologies i.e. Agilent Technologies and Dermtech go up and down completely randomly.
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