Correlation Analysis Between DexCom and Agilent Technologies

This module allows you to analyze existing cross correlation between DexCom and Agilent Technologies. You can compare the effects of market volatilities on DexCom 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 DexCom with a short position of Agilent Technologies. See also your portfolio center. Please also check ongoing floating volatility patterns of DexCom and Agilent Technologies.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

DexCom  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in DexCom are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. Even with considerably weak technical indicators, DexCom may actually be approaching a critical reversion point that can send shares even higher in November 2019.
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 conflicting basic indicators, Agilent Technologies may actually be approaching a critical reversion point that can send shares even higher in November 2019.

DexCom and Agilent Technologies Volatility Contrast

 Predicted Return Density 
      Returns 

DexCom Inc  vs.  Agilent Technologies Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, DexCom is expected to generate 1.45 times more return on investment than Agilent Technologies. However, DexCom is 1.45 times more volatile than Agilent Technologies. It trades about 0.06 of its potential returns per unit of risk. Agilent Technologies is currently generating about 0.08 per unit of risk. If you would invest  14,757  in DexCom on September 15, 2019 and sell it today you would earn a total of  1,261  from holding DexCom or generate 8.55% return on investment over 30 days.

Pair Corralation between DexCom and Agilent Technologies

-0.14
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for DexCom and Agilent Technologies

DexCom Inc diversification synergy

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding DexCom Inc and Agilent Technologies Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Agilent Technologies and DexCom 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 DexCom 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 DexCom i.e. DexCom and Agilent Technologies go up and down completely randomly.
See also your portfolio center. Please also try Idea Breakdown module to analyze constituents of all macroaxis ideas. macroaxis investment ideas are predefined, sector-focused investing themes.


 
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