Correlation Between SINTX Technologies and DexCom

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

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

Diversification Opportunities for SINTX Technologies and DexCom

-0.19

Correlation Coefficient

SINTX Technologies  DexCom

Good diversification

The 3 months correlation between SINTX and DexCom is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding SINTX Technologies and DexCom Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DexCom Inc and SINTX 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 SINTX Technologies are associated (or correlated) with DexCom. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DexCom Inc has no effect on the direction of SINTX Technologies i.e., SINTX Technologies and DexCom go up and down completely randomly.

Pair Corralation between SINTX Technologies and DexCom

Given the investment horizon of 90 days SINTX Technologies is expected to generate 1.47 times more return on investment than DexCom. However, SINTX Technologies is 1.47 times more volatile than DexCom Inc. It trades about 0.13 of its potential returns per unit of risk. DexCom Inc is currently generating about -0.08 per unit of risk. If you would invest  270.00  in SINTX Technologies on May 28, 2025 and sell it today you would earn a total of  76.00  from holding SINTX Technologies or generate 28.15% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

SINTX Technologies  vs.  DexCom Inc

SINTX Technologies

Risk-Adjusted Performance

Fair

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

DexCom Inc

Risk-Adjusted Performance

Weakest

Over the last 90 days DexCom Inc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest unsteady performance, the Stock's fundamental indicators remain healthy and the recent disarray on Wall Street may also be a sign of long period gains for the firm investors.

Pair Trading with SINTX Technologies and DexCom

The main advantage of trading using opposite SINTX Technologies and DexCom positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SINTX Technologies position performs unexpectedly, DexCom 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 DexCom will offset losses from the drop in DexCom's long position.

The idea behind SINTX Technologies and DexCom Inc 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.