Correlation Between FLIR Systems and Agilent Technologies
Can any of the company-specific risk be diversified away by investing in both FLIR Systems and Agilent Technologies at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining FLIR Systems and Agilent Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FLIR Systems and Agilent Technologies, you can compare the effects of market volatilities on FLIR Systems 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 FLIR Systems with a short position of Agilent Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of FLIR Systems and Agilent Technologies.
Diversification Opportunities for FLIR Systems and Agilent Technologies
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between FLIR and Agilent is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding FLIR Systems and Agilent Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agilent Technologies and FLIR Systems 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 FLIR Systems 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 FLIR Systems i.e., FLIR Systems and Agilent Technologies go up and down completely randomly.
Pair Corralation between FLIR Systems and Agilent Technologies
If you would invest (100.00) in FLIR Systems on January 26, 2024 and sell it today you would earn a total of 100.00 from holding FLIR Systems or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
FLIR Systems vs. Agilent Technologies
Performance |
| Timeline |
| FLIR Systems |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Agilent Technologies |
FLIR Systems and Agilent Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FLIR Systems and Agilent Technologies
The main advantage of trading using opposite FLIR Systems and Agilent Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FLIR Systems position performs unexpectedly, Agilent Technologies can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Agilent Technologies will offset losses from the drop in Agilent Technologies' long position.| FLIR Systems vs. Mannatech Incorporated | FLIR Systems vs. Ecolab Inc | FLIR Systems vs. Dow Inc | FLIR Systems vs. Avient Corp |
| Agilent Technologies vs. Fonar | Agilent Technologies vs. Burning Rock BiotechLtd | Agilent Technologies vs. Sera Prognostics | Agilent Technologies vs. Psychemedics |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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