Correlation Between Ainos and Axogen
Can any of the company-specific risk be diversified away by investing in both Ainos and Axogen 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 Ainos and Axogen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ainos Inc and Axogen Inc, you can compare the effects of market volatilities on Ainos and Axogen 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 Ainos with a short position of Axogen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ainos and Axogen.
Diversification Opportunities for Ainos and Axogen
Good diversification
The 3 months correlation between Ainos and Axogen is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Ainos Inc and Axogen Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Axogen Inc and Ainos 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 Ainos Inc are associated (or correlated) with Axogen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Axogen Inc has no effect on the direction of Ainos i.e., Ainos and Axogen go up and down completely randomly.
Pair Corralation between Ainos and Axogen
Assuming the 90 days horizon Ainos Inc is expected to generate 13.04 times more return on investment than Axogen. However, Ainos is 13.04 times more volatile than Axogen Inc. It trades about 0.16 of its potential returns per unit of risk. Axogen Inc is currently generating about 0.01 per unit of risk. If you would invest 2.50 in Ainos Inc on August 27, 2024 and sell it today you would earn a total of 0.10 from holding Ainos Inc or generate 4.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 20.93% |
| Values | Daily Returns |
Ainos Inc vs. Axogen Inc
Performance |
| Timeline |
| Ainos Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
| Axogen Inc |
Ainos and Axogen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ainos and Axogen
The main advantage of trading using opposite Ainos and Axogen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ainos position performs unexpectedly, Axogen 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 Axogen will offset losses from the drop in Axogen's long position.| Ainos vs. Old Dominion Freight | Ainos vs. Amkor Technology | Ainos vs. Canlan Ice Sports | Ainos vs. Jabil Circuit |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account |