Correlation Between Cullinan Oncology and Agilent Technologies
Can any of the company-specific risk be diversified away by investing in both Cullinan Oncology 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 Cullinan Oncology and Agilent Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cullinan Oncology LLC and Agilent Technologies, you can compare the effects of market volatilities on Cullinan Oncology 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 Cullinan Oncology with a short position of Agilent Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cullinan Oncology and Agilent Technologies.
Diversification Opportunities for Cullinan Oncology and Agilent Technologies
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Cullinan and Agilent is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Cullinan Oncology LLC and Agilent Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agilent Technologies and Cullinan Oncology 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 Cullinan Oncology LLC 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 Cullinan Oncology i.e., Cullinan Oncology and Agilent Technologies go up and down completely randomly.
Pair Corralation between Cullinan Oncology and Agilent Technologies
Given the investment horizon of 90 days Cullinan Oncology LLC is expected to generate 3.69 times more return on investment than Agilent Technologies. However, Cullinan Oncology is 3.69 times more volatile than Agilent Technologies. It trades about 0.16 of its potential returns per unit of risk. Agilent Technologies is currently generating about 0.04 per unit of risk. If you would invest 1,775 in Cullinan Oncology LLC on February 2, 2024 and sell it today you would earn a total of 1,035 from holding Cullinan Oncology LLC or generate 58.31% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 98.41% |
Values | Daily Returns |
Cullinan Oncology LLC vs. Agilent Technologies
Performance |
Timeline |
Cullinan Oncology LLC |
Agilent Technologies |
Cullinan Oncology and Agilent Technologies Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Cullinan Oncology and Agilent Technologies
The main advantage of trading using opposite Cullinan Oncology and Agilent Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cullinan Oncology 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.Cullinan Oncology vs. Invesco Trust For | Cullinan Oncology vs. LSI Industries | Cullinan Oncology vs. American Funds 2025 | Cullinan Oncology vs. Merck Company |
Agilent Technologies vs. IDEXX Laboratories | Agilent Technologies vs. Guardant Health | Agilent Technologies vs. Charles River Laboratories |
Check out your portfolio center.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 Transaction History module to view history of all your transactions and understand their impact on performance.
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