Correlation Analysis Between Bio Rad and INGEN TECHNOLOGIES

Analyzing existing cross correlation between Bio Rad Laboratories and INGEN TECHNOLOGIES INC. You can compare the effects of market volatilities on Bio Rad and INGEN 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 Bio Rad with a short position of INGEN TECHNOLOGIES. See also your portfolio center. Please also check ongoing floating volatility patterns of Bio Rad and INGEN TECHNOLOGIES.
Horizon     30 Days    Login   to change
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Comparative Performance

Bio Rad Laboratories  
66

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bio Rad Laboratories are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days. Allthough quite weak forward indicators, Bio Rad may actually be approaching a critical reversion point that can send shares even higher in February 2020.
INGEN TECHNOLOGIES INC  
1010

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in INGEN TECHNOLOGIES INC are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days. In spite of comparatively inconsistent essential indicators, INGEN TECHNOLOGIES unveiled solid returns over the last few months and may actually be approaching a breakup point.

Bio Rad and INGEN TECHNOLOGIES Volatility Contrast

 Predicted Return Density 
    
  Returns 

Bio Rad Laboratories Inc  vs.  INGEN TECHNOLOGIES INC

 Performance (%) 
    
  Timeline 

Pair Volatility

Considering 30-days investment horizon, Bio Rad is expected to generate 30.94 times less return on investment than INGEN TECHNOLOGIES. But when comparing it to its historical volatility, Bio Rad Laboratories is 17.7 times less risky than INGEN TECHNOLOGIES. It trades about 0.09 of its potential returns per unit of risk. INGEN TECHNOLOGIES INC is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest  0.01  in INGEN TECHNOLOGIES INC on December 20, 2019 and sell it today you would earn a total of  0.01  from holding INGEN TECHNOLOGIES INC or generate 100.0% return on investment over 30 days.

Pair Corralation between Bio Rad and INGEN TECHNOLOGIES

0.58
Time Period3 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Bio Rad and INGEN TECHNOLOGIES

Bio Rad Laboratories Inc diversification synergy

Very weak diversification

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