Correlation Analysis Between DexCom and Fluidigm

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

Comparative Performance

DexCom  
11

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in DexCom are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days. Even with considerably steady technical indicators, DexCom is not utilizing all of its potentials. The current stock price chaos, may contribute to medium term losses for the stakeholders.
Fluidigm  
00

Risk-Adjusted Performance

Over the last 30 days Fluidigm Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. Even with fragile performance in the last few months, the Stock's technical indicators remain considerably steady which may send shares a bit higher in November 2019. The new chaos may also be a sign of medium term up-swing for the business stakeholders.

DexCom and Fluidigm Volatility Contrast

 Predicted Return Density 
      Returns 

DexCom Inc  vs.  Fluidigm Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, DexCom is expected to generate 0.48 times more return on investment than Fluidigm. However, DexCom is 2.09 times less risky than Fluidigm. It trades about 0.02 of its potential returns per unit of risk. Fluidigm Corporation is currently generating about -0.25 per unit of risk. If you would invest  15,258  in DexCom on September 17, 2019 and sell it today you would earn a total of  129.00  from holding DexCom or generate 0.85% return on investment over 30 days.

Pair Corralation between DexCom and Fluidigm

-0.22
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy98.44%
ValuesDaily Returns

Diversification Opportunities for DexCom and Fluidigm

DexCom Inc diversification synergy

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding DexCom Inc and Fluidigm Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Fluidigm 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 Fluidigm. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fluidigm has no effect on the direction of DexCom i.e. DexCom and Fluidigm go up and down completely randomly.
See also your portfolio center. Please also try Fundamental Analysis module to view fundamental data based on most recent published financial statements.


 
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