Correlation Between Lixte Biotechnology and Agilent Technologies

Can any of the company-specific risk be diversified away by investing in both Lixte Biotechnology 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 Lixte Biotechnology and Agilent Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Lixte Biotechnology Holdings and Agilent Technologies, you can compare the effects of market volatilities on Lixte Biotechnology 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 Lixte Biotechnology with a short position of Agilent Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lixte Biotechnology and Agilent Technologies.

Diversification Opportunities for Lixte Biotechnology and Agilent Technologies

-0.79

Correlation Coefficient

Lixte Biotechnology  Agilent Technologies

Pay attention - limited upside

The 3 months correlation between Lixte and Agilent is -0.79. Overlapping area represents the amount of risk that can be diversified away by holding Lixte Biotechnology Holdings and Agilent Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agilent Technologies and Lixte Biotechnology 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 Lixte Biotechnology 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 Lixte Biotechnology i.e., Lixte Biotechnology and Agilent Technologies go up and down completely randomly.

Pair Corralation between Lixte Biotechnology and Agilent Technologies

Assuming the 90 days horizon Lixte Biotechnology Holdings is expected to under-perform the Agilent Technologies. In addition to that, Lixte Biotechnology is 12.89 times more volatile than Agilent Technologies. It trades about -0.01 of its total potential returns per unit of risk. Agilent Technologies is currently generating about 0.13 per unit of volatility. If you would invest  12,849  in Agilent Technologies on September 5, 2025 and sell it today you would earn a total of  1,984  from holding Agilent Technologies or generate 15.44% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Weak
Accuracy	96.88%
Values	Daily Returns

Lixte Biotechnology Holdings  vs.  Agilent Technologies

Lixte Biotechnology

Risk-Adjusted Performance

Weakest

Over the last 90 days Lixte Biotechnology Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest weak performance, the Stock's basic indicators remain stable and the latest fuss on Wall Street may also be a sign of long-term gains for the venture sophisticated investors.

Agilent Technologies

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in Agilent Technologies are ranked lower than 10 (%) of all global equities and portfolios over the last 90 days. Despite somewhat inconsistent basic indicators, Agilent Technologies sustained solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Lixte Biotechnology and Agilent Technologies

The main advantage of trading using opposite Lixte Biotechnology and Agilent Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lixte Biotechnology 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.

The idea behind Lixte Biotechnology Holdings and Agilent Technologies pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .