Correlation Between Regencell Bioscience and Agilent Technologies
Can any of the company-specific risk be diversified away by investing in both Regencell Bioscience 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 Regencell Bioscience and Agilent Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Regencell Bioscience Holdings and Agilent Technologies, you can compare the effects of market volatilities on Regencell Bioscience 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 Regencell Bioscience with a short position of Agilent Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Regencell Bioscience and Agilent Technologies.
Diversification Opportunities for Regencell Bioscience and Agilent Technologies
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Regencell and Agilent is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Regencell Bioscience Holdings and Agilent Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agilent Technologies and Regencell Bioscience 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 Regencell Bioscience Holdings 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 Regencell Bioscience i.e., Regencell Bioscience and Agilent Technologies go up and down completely randomly.
Pair Corralation between Regencell Bioscience and Agilent Technologies
Considering the 90-day investment horizon Regencell Bioscience Holdings is expected to generate 2.53 times more return on investment than Agilent Technologies. However, Regencell Bioscience is 2.53 times more volatile than Agilent Technologies. It trades about 0.0 of its potential returns per unit of risk. Agilent Technologies is currently generating about -0.02 per unit of risk. If you would invest 1,380 in Regencell Bioscience Holdings on May 28, 2025 and sell it today you would lose (25.00) from holding Regencell Bioscience Holdings or give up 1.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Regencell Bioscience Holdings vs. Agilent Technologies
Performance |
| Timeline |
| Regencell Bioscience |
| Agilent Technologies |
Regencell Bioscience and Agilent Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Regencell Bioscience and Agilent Technologies
The main advantage of trading using opposite Regencell Bioscience and Agilent Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Regencell Bioscience 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.| Regencell Bioscience vs. Chicago Atlantic BDC, | Regencell Bioscience vs. Sihuan Pharmaceutical Holdings | Regencell Bioscience vs. Phibro Animal Health | Regencell Bioscience vs. Cinemark Holdings |
| Agilent Technologies vs. Danaher | Agilent Technologies vs. IDEXX Laboratories | Agilent Technologies vs. Illumina | Agilent Technologies vs. Thermo Fisher Scientific |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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