Correlation Between Accesso Technology and Deltex Medical
Can any of the company-specific risk be diversified away by investing in both Accesso Technology and Deltex Medical 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 Accesso Technology and Deltex Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Accesso Technology Group and Deltex Medical Group, you can compare the effects of market volatilities on Accesso Technology and Deltex Medical 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 Accesso Technology with a short position of Deltex Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Accesso Technology and Deltex Medical.
Diversification Opportunities for Accesso Technology and Deltex Medical
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Accesso and Deltex is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Accesso Technology Group and Deltex Medical Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Deltex Medical Group and Accesso Technology 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 Accesso Technology Group are associated (or correlated) with Deltex Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Deltex Medical Group has no effect on the direction of Accesso Technology i.e., Accesso Technology and Deltex Medical go up and down completely randomly.
Pair Corralation between Accesso Technology and Deltex Medical
Assuming the 90 days trading horizon Accesso Technology Group is expected to generate 0.73 times more return on investment than Deltex Medical. However, Accesso Technology Group is 1.38 times less risky than Deltex Medical. It trades about 0.0 of its potential returns per unit of risk. Deltex Medical Group is currently generating about -0.07 per unit of risk. If you would invest 53,000 in Accesso Technology Group on October 18, 2024 and sell it today you would lose (3,600) from holding Accesso Technology Group or give up 6.79% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.6% |
| Values | Daily Returns |
Accesso Technology Group vs. Deltex Medical Group
Performance |
| Timeline |
| Accesso Technology |
| Deltex Medical Group |
Accesso Technology and Deltex Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Accesso Technology and Deltex Medical
The main advantage of trading using opposite Accesso Technology and Deltex Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Accesso Technology position performs unexpectedly, Deltex Medical 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 Deltex Medical will offset losses from the drop in Deltex Medical's long position.| Accesso Technology vs. Home Depot | Accesso Technology vs. Charter Communications Cl | Accesso Technology vs. Tatton Asset Management | Accesso Technology vs. Impax Asset Management |
| Deltex Medical vs. Accesso Technology Group | Deltex Medical vs. Ross Stores | Deltex Medical vs. Aptitude Software Group | Deltex Medical vs. Auction Technology Group |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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