Correlation Between GeneDx Holdings and ICoreConnect Common

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

By analyzing existing cross correlation between GeneDx Holdings Corp and iCoreConnect Common stock, you can compare the effects of market volatilities on GeneDx Holdings and ICoreConnect Common 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 GeneDx Holdings with a short position of ICoreConnect Common. Check out your portfolio center. Please also check ongoing floating volatility patterns of GeneDx Holdings and ICoreConnect Common.

Diversification Opportunities for GeneDx Holdings and ICoreConnect Common

-0.23

Correlation Coefficient

GeneDx Holdings  ICoreConnect Common

Very good diversification

The 3 months correlation between GeneDx and ICoreConnect is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding GeneDx Holdings Corp and iCoreConnect Common stock in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iCoreConnect Common stock and GeneDx Holdings 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 GeneDx Holdings Corp are associated (or correlated) with ICoreConnect Common. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iCoreConnect Common stock has no effect on the direction of GeneDx Holdings i.e., GeneDx Holdings and ICoreConnect Common go up and down completely randomly.

Pair Corralation between GeneDx Holdings and ICoreConnect Common

Assuming the 90 days horizon GeneDx Holdings Corp is expected to generate 0.91 times more return on investment than ICoreConnect Common. However, GeneDx Holdings Corp is 1.1 times less risky than ICoreConnect Common. It trades about 0.07 of its potential returns per unit of risk. iCoreConnect Common stock is currently generating about -0.2 per unit of risk. If you would invest  9.99  in GeneDx Holdings Corp on May 6, 2025 and sell it today you would lose (1.29) from holding GeneDx Holdings Corp or give up 12.91% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	34.92%
Values	Daily Returns

GeneDx Holdings Corp  vs.  iCoreConnect Common stock

GeneDx Holdings Corp

Risk-Adjusted Performance

Modest

Compared to the overall equity markets, risk-adjusted returns on investments in GeneDx Holdings Corp are ranked lower than 5 (%) of all global equities and portfolios over the last 90 days. In spite of fairly abnormal basic indicators, GeneDx Holdings showed solid returns over the last few months and may actually be approaching a breakup point.

iCoreConnect Common stock

Risk-Adjusted Performance

Very Weak

Over the last 90 days iCoreConnect Common stock has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's fundamental indicators remain comparatively stable which may send shares a bit higher in September 2025. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.

Pair Trading with GeneDx Holdings and ICoreConnect Common

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

The idea behind GeneDx Holdings Corp and iCoreConnect Common stock 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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.