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Correlation Between Global Cord and Agilent Technologies

Analyzing existing cross correlation between Global Cord Blood Corporation and Agilent Technologies. You can compare the effects of market volatilities on Global Cord and Agilent Technologies 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 Global Cord with a short position of Agilent Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global Cord and Agilent Technologies.
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Comparative Performance

Global Cord Blood  
11

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Global Cord Blood Corporation are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days. Allthough quite persistent forward indicators, Global Cord is not utilizing all of its potentials. The current stock price mess, may contribute to short term losses for the partners.
Agilent Technologies  
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Agilent Technologies are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. Despite somewhat conflicting basic indicators, Agilent Technologies may actually be approaching a critical reversion point that can send shares even higher in March 2020.

Global Cord and Agilent Technologies Volatility Contrast

 Predicted Return Density 
    
  Returns 

Global Cord Blood Corp.  vs.  Agilent Technologies Inc

 Performance (%) 
    
  Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Global Cord is expected to generate 2.37 times less return on investment than Agilent Technologies. In addition to that, Global Cord is 2.21 times more volatile than Agilent Technologies. It trades about 0.02 of its total potential returns per unit of risk. Agilent Technologies is currently generating about 0.13 per unit of volatility. If you would invest  7,852  in Agilent Technologies on January 19, 2020 and sell it today you would earn a total of  627.00  from holding Agilent Technologies or generate 7.99% return on investment over 30 days.

Pair Corralation between Global Cord and Agilent Technologies

0.65
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy98.39%
ValuesDaily Returns

Diversification Opportunities for Global Cord and Agilent Technologies

Global Cord Blood Corp. diversification synergy

Poor diversification

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