Correlation Analysis Between Agilent Technologies and Guardant Health

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

Comparative Performance

Agilent Technologies  
55

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Agilent Technologies are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days. Despite somewhat fragile basic indicators, Agilent Technologies may actually be approaching a critical reversion point that can send shares even higher in November 2019.
Guardant Health  
00

Risk-Adjusted Performance

Over the last 30 days Guardant Health has generated negative risk-adjusted returns adding no value to investors with long positions. Despite sluggish performance in the last few months, the Stock's fundamental indicators remain nearly stable which may send shares a bit higher in November 2019. The prevalent disturbance may also be a sign of long-run up-swing for the entity stockholder.

Agilent Technologies and Guardant Health Volatility Contrast

 Predicted Return Density 
      Returns 

Agilent Technologies Inc  vs.  Guardant Health Inc

 Performance (%) 
      Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, Agilent Technologies is expected to generate 0.34 times more return on investment than Guardant Health. However, Agilent Technologies is 2.91 times less risky than Guardant Health. It trades about 0.08 of its potential returns per unit of risk. Guardant Health is currently generating about -0.07 per unit of risk. If you would invest  6,958  in Agilent Technologies on September 22, 2019 and sell it today you would earn a total of  590.00  from holding Agilent Technologies or generate 8.48% return on investment over 30 days.

Pair Corralation between Agilent Technologies and Guardant Health

-0.82
Time Period3 Months [change]
DirectionNegative 
StrengthSignificant
Accuracy84.0%
ValuesDaily Returns

Diversification Opportunities for Agilent Technologies and Guardant Health

Agilent Technologies Inc diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding Agilent Technologies Inc and Guardant Health Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Guardant Health 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 Guardant Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guardant Health has no effect on the direction of Agilent Technologies i.e. Agilent Technologies and Guardant Health go up and down completely randomly.
See also your portfolio center. Please also try Equity Analysis module to research over 250,000 global equities including funds, stocks and etfs to find investment opportunities.


 
Search macroaxis.com