Correlation Between Diagnostic Medical and SBF 120
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By analyzing existing cross correlation between Diagnostic Medical Systems and SBF 120, you can compare the effects of market volatilities on Diagnostic Medical and SBF 120 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 Diagnostic Medical with a short position of SBF 120. Check out your portfolio center. Please also check ongoing floating volatility patterns of Diagnostic Medical and SBF 120.
Diversification Opportunities for Diagnostic Medical and SBF 120
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Diagnostic and SBF is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Diagnostic Medical Systems and SBF 120 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SBF 120 and Diagnostic Medical 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 Diagnostic Medical Systems are associated (or correlated) with SBF 120. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SBF 120 has no effect on the direction of Diagnostic Medical i.e., Diagnostic Medical and SBF 120 go up and down completely randomly.
Pair Corralation between Diagnostic Medical and SBF 120
Assuming the 90 days trading horizon Diagnostic Medical Systems is expected to under-perform the SBF 120. In addition to that, Diagnostic Medical is 6.68 times more volatile than SBF 120. It trades about -0.12 of its total potential returns per unit of risk. SBF 120 is currently generating about 0.18 per unit of volatility. If you would invest 548,412 in SBF 120 on September 13, 2024 and sell it today you would earn a total of 14,217 from holding SBF 120 or generate 2.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Diagnostic Medical Systems vs. SBF 120
Performance |
| Timeline |
Diagnostic Medical and SBF 120 Volatility Contrast
Predicted Return Density |
| Returns |
Diagnostic Medical Systems
Pair trading matchups for Diagnostic Medical
SBF 120
Pair trading matchups for SBF 120
Pair Trading with Diagnostic Medical and SBF 120
The main advantage of trading using opposite Diagnostic Medical and SBF 120 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Diagnostic Medical position performs unexpectedly, SBF 120 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 SBF 120 will offset losses from the drop in SBF 120's long position.| Diagnostic Medical vs. Covivio Hotels | Diagnostic Medical vs. Eutelsat Communications SA | Diagnostic Medical vs. Boiron SA | Diagnostic Medical vs. Mediantechn |
| SBF 120 vs. Pullup Entertainment Socit | SBF 120 vs. Diagnostic Medical Systems | SBF 120 vs. Fiducial Office Solutions | SBF 120 vs. Jacquet Metal Service |
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.
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