Correlation Analysis Between ResMed and DexCom

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

ResMed Inc  vs.  DexCom Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, ResMed is expected to under-perform the DexCom. But the stock apears to be less risky and, when comparing its historical volatility, ResMed is 1.7 times less risky than DexCom. The stock trades about -0.23 of its potential returns per unit of risk. The DexCom is currently generating about -0.1 of returns per unit of risk over similar time horizon. If you would invest  13,908  in DexCom on September 19, 2018 and sell it today you would lose (1,008)  from holding DexCom or give up 7.25% of portfolio value over 30 days.

Pair Corralation between ResMed and DexCom

0.81
Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
ResMed  
0 

Risk-Adjusted Performance

Over the last 30 days ResMed has generated negative risk-adjusted returns adding no value to investors with long positions.
DexCom  
0 

Risk-Adjusted Performance

Over the last 30 days DexCom has generated negative risk-adjusted returns adding no value to investors with long positions.

My Equities

My Current Equities and Potential Positions

View AllNext
GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1096.46

Thematic Opportunities

Explore Investment Opportunities

Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.


 
Search macroaxis.com