Correlation Between Ainos and Aziyo Biologics
Can any of the company-specific risk be diversified away by investing in both Ainos and Aziyo Biologics 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 Aziyo Biologics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ainos Inc and Aziyo Biologics, you can compare the effects of market volatilities on Ainos and Aziyo Biologics 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 Aziyo Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ainos and Aziyo Biologics.
Diversification Opportunities for Ainos and Aziyo Biologics
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Ainos and Aziyo is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Ainos Inc and Aziyo Biologics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aziyo Biologics 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 Aziyo Biologics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aziyo Biologics has no effect on the direction of Ainos i.e., Ainos and Aziyo Biologics go up and down completely randomly.
Pair Corralation between Ainos and Aziyo Biologics
If you would invest 4.97 in Ainos Inc on October 20, 2024 and sell it today you would earn a total of 12.03 from holding Ainos Inc or generate 242.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 6.67% |
| Values | Daily Returns |
Ainos Inc vs. Aziyo Biologics
Performance |
| Timeline |
| Ainos Inc |
| Aziyo Biologics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Ainos and Aziyo Biologics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ainos and Aziyo Biologics
The main advantage of trading using opposite Ainos and Aziyo Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ainos position performs unexpectedly, Aziyo Biologics 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 Aziyo Biologics will offset losses from the drop in Aziyo Biologics' long position.| Ainos vs. FDG Electric Vehicles | Ainos vs. Summit Environmental | Ainos vs. BorgWarner | Ainos vs. Lucid Group |
| Aziyo Biologics vs. Ainos Inc | Aziyo Biologics vs. SurModics | Aziyo Biologics vs. LENSAR Inc | Aziyo Biologics vs. IRIDEX |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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