Correlation Between Autonomix Medical, and CIGNA
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By analyzing existing cross correlation between Autonomix Medical, Common and CIGNA P, you can compare the effects of market volatilities on Autonomix Medical, and CIGNA 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 Autonomix Medical, with a short position of CIGNA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Autonomix Medical, and CIGNA.
Diversification Opportunities for Autonomix Medical, and CIGNA
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Autonomix and CIGNA is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Autonomix Medical, Common and CIGNA P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CIGNA P and Autonomix 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 Autonomix Medical, Common are associated (or correlated) with CIGNA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CIGNA P has no effect on the direction of Autonomix Medical, i.e., Autonomix Medical, and CIGNA go up and down completely randomly.
Pair Corralation between Autonomix Medical, and CIGNA
Given the investment horizon of 90 days Autonomix Medical, Common is expected to under-perform the CIGNA. In addition to that, Autonomix Medical, is 19.99 times more volatile than CIGNA P. It trades about -0.03 of its total potential returns per unit of risk. CIGNA P is currently generating about 0.03 per unit of volatility. If you would invest 8,724 in CIGNA P on August 28, 2024 and sell it today you would earn a total of 242.00 from holding CIGNA P or generate 2.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.21% |
| Values | Daily Returns |
Autonomix Medical, Common vs. CIGNA P
Performance |
| Timeline |
| Autonomix Medical, Common |
| CIGNA P |
Autonomix Medical, and CIGNA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Autonomix Medical, and CIGNA
The main advantage of trading using opposite Autonomix Medical, and CIGNA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Autonomix Medical, position performs unexpectedly, CIGNA 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 CIGNA will offset losses from the drop in CIGNA's long position.| Autonomix Medical, vs. Nutex Health | Autonomix Medical, vs. Mangoceuticals, Common Stock | Autonomix Medical, vs. Aclarion |
| CIGNA vs. AEP TEX INC | CIGNA vs. US BANK NATIONAL | CIGNA vs. Omega Healthcare Investors | CIGNA vs. Zoom Video Communications |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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