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Correlation Between EMMAUS LIFE and Agilent Technologies

Analyzing existing cross correlation between EMMAUS LIFE SCIENCES INC NEW and Agilent Technologies. You can compare the effects of market volatilities on EMMAUS LIFE 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 EMMAUS LIFE with a short position of Agilent Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of EMMAUS LIFE and Agilent Technologies.

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Diversification Opportunities for EMMAUS LIFE and Agilent Technologies

EMMAUS LIFE SCIENCES INC NEW diversification synergy
-0.44
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Very good diversification

The 3 months correlation between EMMAUS and Agilent is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding EMMAUS LIFE SCIENCES INC NEW and Agilent Technologies Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Agilent Technologies and EMMAUS LIFE 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 EMMAUS LIFE SCIENCES INC NEW 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 EMMAUS LIFE i.e. EMMAUS LIFE and Agilent Technologies go up and down completely randomly.

Pair Corralation between EMMAUS LIFE and Agilent Technologies

Given the investment horizon of 30 days, EMMAUS LIFE SCIENCES INC NEW is expected to generate 15.12 times more return on investment than Agilent Technologies. However, EMMAUS LIFE is 15.12 times more volatile than Agilent Technologies. It trades about 0.04 of its potential returns per unit of risk. Agilent Technologies is currently generating about 0.08 per unit of risk. If you would invest  253.00  in EMMAUS LIFE SCIENCES INC NEW on January 22, 2020 and sell it today you would lose (62.00)  from holding EMMAUS LIFE SCIENCES INC NEW or give up 24.51% of portfolio value over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthVery Weak
Accuracy98.41%
ValuesDaily Returns

EMMAUS LIFE SCIENCES INC NEW  vs.  Agilent Technologies Inc

 Performance (%) 
    
  Timeline 
EMMAUS LIFE SCIENCES 
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in EMMAUS LIFE SCIENCES INC NEW are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, EMMAUS LIFE sustained solid returns over the last few months and may actually be approaching a breakup point.
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 strong basic indicators, Agilent Technologies is not utilizing all of its potentials. The existing stock price disturbance, may contribute to short term losses for the investors.

EMMAUS LIFE and Agilent Technologies Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.