Correlation Analysis Between INGEN TECHNOLOGIES and Bio Rad

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

INGEN TECHNOLOGIES INC  
1212

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in INGEN TECHNOLOGIES INC are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days. In spite of comparatively conflicting essential indicators, INGEN TECHNOLOGIES unveiled solid returns over the last few months and may actually be approaching a breakup point.
Bio Rad Laboratories  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bio Rad Laboratories are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. Allthough quite abnormal forward indicators, Bio Rad may actually be approaching a critical reversion point that can send shares even higher in February 2020.

INGEN TECHNOLOGIES and Bio Rad Volatility Contrast

 Predicted Return Density 
    
  Returns 

INGEN TECHNOLOGIES INC  vs.  Bio Rad Laboratories Inc

 Performance (%) 
    
  Timeline 

Pair Volatility

Given the investment horizon of 30 days, INGEN TECHNOLOGIES INC is expected to generate 22.91 times more return on investment than Bio Rad. However, INGEN TECHNOLOGIES is 22.91 times more volatile than Bio Rad Laboratories. It trades about 0.18 of its potential returns per unit of risk. Bio Rad Laboratories is currently generating about 0.07 per unit of risk. If you would invest  0.01  in INGEN TECHNOLOGIES INC on December 26, 2019 and sell it today you would earn a total of  0.02  from holding INGEN TECHNOLOGIES INC or generate 200.0% return on investment over 30 days.

Pair Corralation between INGEN TECHNOLOGIES and Bio Rad

0.61
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy98.39%
ValuesDaily Returns

Diversification Opportunities for INGEN TECHNOLOGIES and Bio Rad

INGEN TECHNOLOGIES INC diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding INGEN TECHNOLOGIES INC and Bio Rad Laboratories Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bio Rad Laboratories and INGEN TECHNOLOGIES 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 INGEN TECHNOLOGIES INC are associated (or correlated) with Bio Rad. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bio Rad Laboratories has no effect on the direction of INGEN TECHNOLOGIES i.e. INGEN TECHNOLOGIES and Bio Rad go up and down completely randomly.
See also your portfolio center. Please also try Price Transformation module to use price transformation models to analyze depth of different equity instruments across global markets.