Correlation Between AngioDynamics and ATRION
Can any of the company-specific risk be diversified away by investing in both AngioDynamics and ATRION 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 AngioDynamics and ATRION into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AngioDynamics and ATRION, you can compare the effects of market volatilities on AngioDynamics and ATRION 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 AngioDynamics with a short position of ATRION. Check out your portfolio center. Please also check ongoing floating volatility patterns of AngioDynamics and ATRION.
Diversification Opportunities for AngioDynamics and ATRION
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AngioDynamics and ATRION is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AngioDynamics and ATRION in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATRION and AngioDynamics 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 AngioDynamics are associated (or correlated) with ATRION. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATRION has no effect on the direction of AngioDynamics i.e., AngioDynamics and ATRION go up and down completely randomly.
Pair Corralation between AngioDynamics and ATRION
Given the investment horizon of 90 days AngioDynamics is expected to generate 0.39 times more return on investment than ATRION. However, AngioDynamics is 2.57 times less risky than ATRION. It trades about 0.05 of its potential returns per unit of risk. ATRION is currently generating about -0.06 per unit of risk. If you would invest 549.00 in AngioDynamics on August 27, 2024 and sell it today you would earn a total of 134.00 from holding AngioDynamics or generate 24.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 64.36% |
| Values | Daily Returns |
AngioDynamics vs. ATRION
Performance |
| Timeline |
| AngioDynamics |
| ATRION |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
AngioDynamics and ATRION Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AngioDynamics and ATRION
The main advantage of trading using opposite AngioDynamics and ATRION positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AngioDynamics position performs unexpectedly, ATRION 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 ATRION will offset losses from the drop in ATRION's long position.| AngioDynamics vs. AptarGroup | AngioDynamics vs. Repro Med Systems | AngioDynamics vs. AtriCure | AngioDynamics vs. Akoya Biosciences |
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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