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Correlation Between INGEN TECHNOLOGIES and Stryker

Analyzing existing cross correlation between INGEN TECHNOLOGIES INC and Stryker Corporation. You can compare the effects of market volatilities on INGEN TECHNOLOGIES and Stryker 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 Stryker. Check out your portfolio center. Please also check ongoing floating volatility patterns of INGEN TECHNOLOGIES and Stryker.

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Diversification Opportunities for INGEN TECHNOLOGIES and Stryker

INGEN TECHNOLOGIES INC diversification synergy
0.29
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Modest diversification

The 3 months correlation between INGEN and Stryker is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding INGEN TECHNOLOGIES INC and Stryker Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Stryker 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 Stryker. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Stryker has no effect on the direction of INGEN TECHNOLOGIES i.e. INGEN TECHNOLOGIES and Stryker go up and down completely randomly.

Pair Corralation between INGEN TECHNOLOGIES and Stryker

Given the investment horizon of 30 days, INGEN TECHNOLOGIES INC is expected to generate 9.38 times more return on investment than Stryker. However, INGEN TECHNOLOGIES is 9.38 times more volatile than Stryker Corporation. It trades about 0.15 of its potential returns per unit of risk. Stryker Corporation is currently generating about -0.09 per unit of risk. If you would invest  0.03  in INGEN TECHNOLOGIES INC on March 3, 2020 and sell it today you would lose (0.01)  from holding INGEN TECHNOLOGIES INC or give up 33.33% of portfolio value over 30 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Weak
Accuracy98.44%
ValuesDaily Returns

INGEN TECHNOLOGIES INC  vs.  Stryker Corp.

 Performance (%) 
    
  Timeline 
INGEN TECHNOLOGIES INC 
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INGEN TECHNOLOGIES Risk-Adjusted Performance

Over the last 30 days INGEN TECHNOLOGIES INC has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively weak essential indicators, INGEN TECHNOLOGIES unveiled solid returns over the last few months and may actually be approaching a breakup point.
Stryker 
00

Stryker Risk-Adjusted Performance

Over the last 30 days Stryker Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. Regardless of weak performance in the last few months, the Stock's technical and fundamental indicators remain fairly consistent which may send shares a bit higher in May 2020. The prevailing confusion may also be a sign of long-lasting up-swing for the organization traders.

INGEN TECHNOLOGIES and Stryker Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Insider Screener module to find insiders across different sectors to evaluate their impact on performance.


 
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